EURJPY - Intraday - We look to Buy at 120.80 (stop at 120.40)
Majority of the initial daily gains being overturned. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. We have a 78.6% Fibonacci pullback level of 120.68 from 118.82 to 127.50. The rally is close to an exhaustion count on the daily chart. Expect trading to remain mixed and volatile. Preferred trade is to buy on dips. Intraday signals are far from strong.