Where EURJPY goes determines where everything else goes at the moment. EURJPY will continue to look heavy until we can recapture the 120.00 level and open the way for a move back to 130.00. Pay attention to the 115.50 level as that is pretty much about it for support and a break of this level should see us back to 114.00 and potentially 112.00.
As the attached daily EURJPY chart shows, it is going to pop one way or another and at the moment that looks to be downwards which should see the USDJPY make new lows and the GBPUSD, EURUSD and AUDUSD retesting their’s for the session.
I am going to be bold and suggest going long here at 115.98 with a stop below 115.40 just to make things interesting although i think a good estimate of the range you should be lookng to play in the EURJPY is 114.50/119.50.
