EurJpy- Close to a support break
In my weekend analysis about Jpy crosses I said that we should keep a close eye on these pairs because, although UsdJpy is still in a strong up trend, cross pair may have topped.
In EurJpy's case, yesterday the pair had a spike up, this spike was very short-lived lived and EurJpy reversed strongly and closed the day with a huge bearish engulfing.
At this moment the pair is trading exactly in support zone and looks like pressing for a break.
In such an instance, considering we had a month of range and distribution, we could see down acceleration, and the medium target could be 151.50.
Interim support is at 154 and this level could also represent target for shorter-term traders.
In EurJpy's case, yesterday the pair had a spike up, this spike was very short-lived lived and EurJpy reversed strongly and closed the day with a huge bearish engulfing.
At this moment the pair is trading exactly in support zone and looks like pressing for a break.
In such an instance, considering we had a month of range and distribution, we could see down acceleration, and the medium target could be 151.50.
Interim support is at 154 and this level could also represent target for shorter-term traders.
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