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The EUR/JPY pair fell during the session on Monday as the concerns out of Europe continue to expand. All eyes are on Spain right now as there are several of the country’s regions seemingly about to go bankrupt. However, by the end of the session we did see the Euro get a bid as the Americans dumped safe haven currencies in order to buy it.
The resulting candle for the day was a hammer, and it is placed just about perfectly. This market looks very oversold, so those of you that are more inclined to trade short-term may find value in this pair. Above though, there is the gap to get over and then the 96.50 level. It is because of this that we feel any longs for be short-term in magnitude.