Eur Jpy Short
I see the Eur Jpy pair trading lower. My main reasoning comes from yesterday's break of a short term bullish trend. With this, I think we should see weekly momentum look to turn bearish to fill the previous week's liquidity. On a higher timeframe, I see weekly resistance @ 129.050, Support @ 128.00. When going lower, I see that daily is in some sort of a consolidation. A break in either direction over the daily resistance/support zones will likely be violent. When I drop down to a lower timeframe of 15 minutes,I notice that the previous two days have failed to break the 129.00 Figure. Overall, previous day's momentum for the pair is bearish. With this in mind, I would like to see a break of the 128.00 zone to push lower. My targets for tomorrow would be arrive from an impulse retracement to the 128.70/75 Levels. These were divined from a fibbonaci retracement of the previous day's highest and lowest points. I don't expect the minor zone of 128.2 to hold for much longer. Possible long term targets for my bias would be 127.8, 127.63 to fill historical demand orders.
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