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FX:EURJPY   Euro / Japanese Yen
EURJPY found support last year at the lower bound of a multi year channel (109.50) and a swift recovery has taken shape since then. It headed towards an intermittent hurdle near 124 the 76.4% retracement from march2016.

Currently the pair is retesting the channel limit at 11.70 in what appears to be the fourth wave from an elliot perspective. With the daily indicators closing in on support 119.70 should contain nearterm downside.

A break above will take it towards 122.50/123 with the next handle at the recent high of 124.

Comment: shorts at 126, want to get the cheapest tickets


It's very scary to long the Euro right now, there are lot of troubles boiling beneath the surface.
@Gino, yes you are quite right about the decline in euro this is only a short term position playing the jpy weakness
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