Chart Analysis: EURJPY

Saturday, December 20, 2008

The EUR finally turned tail late yesterday on the ECB's latest moves and the ugly developments in equity markets are pressuring the JPY crosses again, despite the BoJ shaving rates to near-zero levels. It's a bit of hubris, perhaps, to want to find ways to short the strongest currency around, perhaps, but we wonder if EURJPY may have topped out for now and we look for confirmation in the short term that the pair is ready to dive deep back into the old range toward 120.00 to start.

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