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EUR/JPY rallied for the second day in a row on Tuesday, to break through the 97.50 level before selling back off. The pair looks relatively supportive, but the truth is that we may be forming a larger bearish flag. If this flag turns out to be triggered, it would suggest that we are going to fall as low as 90.
As far as buying this market, it makes no sense as there are simply too many things out there that could come into play. The Euro is a currency that we choose not to own right now, and we are looking for weakness to sell. A break of the up trending line will be more than welcome for us to start getting aggressively short again. In the meantime, we are very flat of this market as we prefer to sell the euro against other currencies.