EUR/JPY: Nasty turnaround catches shorts unawares
The early EUR sell-off into early Europe had me thinking I was right only for the PMI numbers to set off a batch of very nasty short covering. There were obviously plenty of trailing stops above 135.80 in EUR/JPY judging by the speed of the move through there. Next resistance is nearby at 136.25/30. If it breaks above here then I will lose my bearish bias. Not doing very well at the moment, am I!!