Nick Nasad
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EUR/JPY - Getting Ready to Push Higher?

The JPY crosses have been consolidating over the last 7 sessions or so, following the huge rally in Nov/early Dec. I'm wondering if its time for that JPY weakness to resume.

  • Looking at the EUR/JPY in the shorter term timeframe we have some interesting price action and levels that can help guide us.
  • While the pair is still in the midst of sideways action, the 141.85 level is an important resistance which if broken could set up the next short-term upmove back towards 142.80.
  • There's the 142.15 level to contend with, but it isn't a major pivot.
  • If we do have a strong move towards 142.80, there may be some initial pause, but i would think we extend the rally.
  • In the opposite scenario, if we are unable to break the 142.80 level, then the pair is likely to stay sideways, with another test of 141.25 or 141 as support likely.