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EUR/JPY is currently trading within a channel formation, bound by resistance at 138.35 and support at 136.00. There are two options here: play the range or look for a bullish break. With the DJIA and S&P 500 testing their recent highs, a break in those indexes will likely coincide with rallies in the JPY crosses. In that case, I’m looking for a close above 138.35 to target 140.95 (the 50% fib of 169.77-112.10). This would be a shorter-term trade, and ultimately I think greater opportunities lie in selling EUR/JPY on signs of a turn.
Meanwhile, I am still holding on to my short EUR/USD position. Unfortunately, my short AUD/USD trade was stopped out yesterday at 0.8020.