Chart of the Day: EUR/JPY

Blake Morrow Forex Analytix

The false breakout above the 1127.15 level last week may worry some longs as a possible double top/false breakout may be developing. A move back below the 126.00 level could illicit some selling back to the 125.00 key breakout point. This is a very important level support as the multi year trend line re-test also comes in at 125.00. Below, the picture could turn bleak for the EURJPY bulls.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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