The break below 130.00 opens up a move towards 120.00 in the coming weeks. With the EUR/USD under strong pressure and the USD/JPY rejecting key resistance overnight at 122.00, the EUR/JPY could be primed for a move lower in the coming weeks. If you don’t recall, the EUR/JPY was developing this bear flag a couple weeks back here.

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am currently short the EUR/JPY and will be looking to add to position while below 130.00