EUR/JPY Breaks Key Support Zone
Second Skies | Jun 11, 2015 04:30AM ET
EUR/JPY – Corrective Balancing Structure Broken (4hr chart)
After ranging for most the month, the EUR/JPY broke the range stalemate taking out the range lows and price action has been corrective below the range lows and balancing structure around 139 with several upside rejections suggesting intra-day selling interest.
I’m ST bearish on the pair and expecting a move lower, likely towards 136.83 before bids step back in.
Only a daily close above 140.50 negates my ST bearish bias, but this is the first major structural break for this pair to the downside in a bit so may see some further unwinding.
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