EUR/JPY

EUR/JPY
This pair is at interesting levels and is in a prime position to retest the lows. While calling the immediate direction at this point may be early; the recent bounce upward has enough ingredients for an exhausted bounce yet a continuation upwards is not totally out of the cards yet. A key level to monitor for the shortside is 135.80 as it subdivides the balanced consolidated pattern that grinded up and it is beneath some untested support. If prices still have room for a run higher, then I would watch the 137.76 level for a buy opportunity. I posted some charts on www.jdfn.com regarding the EUR/JPY to help illustrate the pattern at play.