EUR/JPY’s pullback today reached the 200-day moving average at 132.27 (and a bit more, falling to 132.05 on stops) before rebounding to the present 133.00 area. A warning sign for EUR/JPY longs is the fact that prices are looking a potential outside day after a higher high in Asia was followed by a lower low than Friday in early New York trade. I was badly burned by a bearish key reversal in Cable on Thursday only to watch the pair soar to a new high at 1.5250 on Friday, so I’m less impressed by the outside day than I was last week…
