I am a long way from turning bearish or even neutral on this pair and I still have a target at 149 in the back of my head but the price action overnight should give bears some cause for hope.
EUR/JPY opened at 136.70 yesterday morning and despite the fact that the EUR/USD rallied hard again, the USD/JPY fall managed to keep pace leaving the cross virtually unchanged. With a prior big top close by at 137.40 and now an hourly double-top potential at 137.25, the signs are fairly strong that a top might be forming.
I’ve been hearing for days of big stops above 137.75, so if you’re short or going short, then I suggest you consider chopping out above there.
