Weak stops below 136.000 in EURJPY

EURJPY Daily

EJD

The 1:1 (Yellow) that offered solid support for the bulls back on the 04/02/14 is now under threat with a number of weak stops likely sitting under 136.000. A break below the 1:1 (Yellow) level will overbalance the current longer term trend and this will open up the market for a further correction, with the 23.6 fib the nearest technical support but this level is  300 odd pips below the current market.

Selling intraday rallies on a break and close below the 1:1 (Yellow) looks to be the best play in my opinion.

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