JPY crosses/Technical Analysis/Trade Ideas

EUR/JPY: Looking a bit soft as Europe opens

As I mentioned earlier, the technical resistance at 123.00 (weekly high and 38.2% of big 170/94 downmove) should be respected. There could be a topping pattern forming on the short-term charts so I definitely prefer the risk-reward of being short on the 122 handle.

Europe obviously thinks the same and this pair has fallen 40 pips pretty quickly.

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