Tradeciety

EURJPY - watching the short side - 130 the key level

FX:EURJPY   Euro / Japanese Yen
71 0 4
The EURJPY             is back on the watchlist as the only EUR related pair. Zoom out to the daily and you see the downward sloping price channel . Last week it found resistance at the upper side of the channel at 132.

We are watching 130 closely. A break of 130 could lead to additional bearishness and kick off the next bearish wave. Ideally we'd like to see a bullish wave first that would (1) trap premature buyers and (2) print a momentum divergence. We'll watch both scenarios closely - along with the outlined USDJPY             setup.
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