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The EUR/JPY pair rallied for the Monday session, but managed to give back much of the gains in order to form a shooting star on the four-hour chart. It looks like the 96.50 level is going to offer a bit of resistance, and it should be suggested at this point in time that we could be forming a bearish flag. A break below the uptrend line would send this pair much lower - perhaps even as low as 90 or so.
As far as buying this pair, we simply will not do it at this point in time as we see the pair being so negative. There far too many issues in the European Union in order to own the Euro, and as such we are simply looking for rallies to fade, or a break below the uptrend line in order to start selling again.