Similiar to the EURUSD, the EURJPY had been trading in a range between 142 and 144, predominately driven by price movements in the EURUSD.
I had been expecting the EURJPY to climb towards 145, on the back of a weaker YEN and the previously ranging EUR.
However, now that EURUSD is tumbling lower, and YEN having reached historic highs, the EURJPY could break below the 142 support level.
If that happens, look for price to move towards next support of 140.
I had been expecting the EURJPY to climb towards 145, on the back of a weaker YEN and the previously ranging EUR.
However, now that EURUSD is tumbling lower, and YEN having reached historic highs, the EURJPY could break below the 142 support level.
If that happens, look for price to move towards next support of 140.
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