Westpac thinks EUR/JPY is topping out
Trade idea from Westpac
EUR/JPY's rally has almost run its course and the pair will begin to decline after one last gasp, according to Westpac.
Analysts there suggest selling the pair on a small rally to 126.20 with a target at 123.65 and a stop at 126.90. The levels roughly correspond with March 24 high and the mid-March high.
I don't mind the trade but I'm inclined to believe that if we see 123.65, we'll see 121.50 so it might be better to sit tight and be right if it starts to fall.