Yesterday in the morning the cross went up to 130.41 and then bounced there and went down looking for the 4 h Bollinger Bands moving average at 129.231, close to the 38.2 fib of the last wave up. The pair is forming an inverted H-S, but we are waiting to see if the USD/JPY goes above 100.00. During the beginning of the Asian session it lost the 99.00 level after a steep fall, that shows weakness. The Euro is bouncing up but without conviction, and seems to have problems getting above the trend line at 1.3094 where it is under pressure because we have a double top at 1.3200 with neckline at 1.2955. Yesterday it did an inside day, and today could do the same, we have to have a look to the borders.
We are finding it difficult to climb above 131.00. We can not bet for a breakout from a short distance, the only thing that we can do is wait to see how the Euro inside develops and taking long positions when we see a correction. Above here we have the first resistance at 130.41 and the second one at 130.66. Below we have the first support at 129.66 and the second one at 129.23
EUR/JPY" title="EUR/JPY" width="985" height="617">
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EUR/JPY: Hit 103.41
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