As the EURUSD wanders lower and so to does the USDJPY, that spells down for the EURJPY.
EURJPY trades at the low support area for the week.
This pair – like the EURUSD – traded at the week’s low in the early hours of Monday’s trade. The rest of the week, has seen the price traded up and down between a high of 134.34 and a low of 132.37. The price is currently testing that low support area. A break should solicit more momentum to the downside. Much will be dependent on whether the USDJPY can break and scoot below the 117.17 level. So far, the bell rang, the buyers salivated and have taken the USDJPY back to the 117.40 from 117.28. EURJPY has also bounced a little as well. The markets are moving toward the Friday afternoon soon. So risks will be dependent on the flows as traders consider the gap risk over the weekend.
