EUR/JPY is bearish. Technicals show a clear downtrend with many attempts to break the blue line point 1 as the price is bouncing. However, today’s candle might break it lower and continuation below the point 1 should lead the price lower to intraday target -136.57 and eventually towards the intraweek target 134.31 or 132.41 depending on the ATR and momentum.
These are the reason when Yen is getting stronger:
It happens because the Japs can get cheap credit, so they invest overseas heavily. When it’s risky, they bring the money back creating demand for Yen and vice versa, when its bullish Equities, they pump their money overseas, which means they sell Yen and buy foreign currency.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining the short trade on EUR/JPY with an entry at 137.32.