EUR/JPY has bounced slightly on better risk appetite but is down about 40 pips to 136.73 on the day. The range is 137.34 to 136.59, which is a 5-month low.
The pair is creeping ever-closer to the Feb low of 136.23 and that's the key level to watch in the days ahead. The pair posted an outside reversal bearish reversal today and the inability to rally on better risk appetite is a bearish signal.
Bids are at 136.50, which includes a rumored barrier option. Look for stops below. More bids at the Feb low then another barrier at 136.00.
Offers at 137.30/35. More at 137.55 then at 1.3775/80. Stronger sellers at 1.3800.
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