By: Doug Rosen
EUR/JPY pair continues to look very similar to the EUR/USD and of course it would since both pairs are highly correlated with each other. I also want to point out that the USD/JPY is in a consolidation pattern but not too far off of support.
The EUR/JPY has made a fib of the recent drop down and is now coming up to the daily 13 ema which awaits around the 103.29 area which overlaps with the Monthly central pivot point as well as the weekly central pivot point.
This pair just happens to be closely correlated with the US Stock Market so be cautious while trading this pair today since it is the U.S. Non-Farm Payroll coming up in just a few hours. As with the EUR/USD I remain bearish on this pair and would only be looking for shorting opportunities around 103.10 .