EUR/JPY: Maintaining preference towards selling rallies
Prices have stalled yet again just above 129.50 (see chart) and this pair is struggling to maintain momentum in either direction. I’m still in the sell-rally camp here but only looking for 150/200 pip swings. Prices have been struggling to hold above 129.50 but the market is trying to re-impose the bearish Yen play, so I think we may get a break higher in coming sessions to test Fibo resistance at 130.45/50.
I’m looking to sell a failure there, with a tight-ish stop, looking for pullback from there towards 128.50/129.00.