EUR/JPY Should Turn Lower in the Near Term

2023.12.19 14:50

Following the “inaction” of the BOJ overnight, the and other XXXJPY pairs ramped higher. 

Many pairs hit resistance levels, including the EUR/JPY. The EUR/JPY completed and equal leg move to the 158.50’s and with the underside of the broken channel being tested and the 50% retracement of the drop from 2023 highs within a stone’s throw, the risk/reward is for shorts at current levels with a potential move back to the 200dma at least (not pictured, but at 154.45) support.

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