EURJPY Next Cycle Turn
EURJPY 5% month-to-date recovery looks vulnerable to a downward correction as the uncertainty from US corporate earnings meets overlaps with the multi-faceted interpretation of the Eurozone banking stress-tests. Sticking with my medium negative outlook for USDJPY and EURUSD, selling EURJPY appears a logical conclusion, which is especially highlighlted by its price action. Downward channel converging with negative stochastics after the failure of 113, suggesting 110.60 and 109.90 could work in the short-term. A retest of 107.70 would have coincide with Eurozone-driven risk aversion, in which case would trigger the perfect strom of yen gains and euro osses. TWO WARNINGS for the bears, however, are the "HIGHER HIGHS" seen in the DAILY stochastics chart as well as the potentially positive stochastics formation on the WEEKLY chart, in which case, shorts may consider stops at 113.10-40.
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