EUR/JPY at a short-term cross-roads
News that Japan will buy European bonds as early as today places EUR/JPY firmly at the forefront of FX market activity (not that it wasn’t already!). This is bullish news for the pair and if EUR/JPY finishes the session lower, then that must be seen as a very bearish event. Perhaps the Asian market is simply reluctant to buy in size at these lofty levels and is waiting to see what the big European players do? One way or the other, if you want some action and volatility then EUR/JPY is the pair to trade.