EURJPY grinds higher amid euro strength


The EURUSD pair continued to trade above the 1.14 threshold, which strengthened the EURJPY cross as well. It was trading nearly half a percent stronger on Thursday afternoon, seen at around 122.50.

That appears to be strong resistance, and it looks like the cross is forming a double top pattern. That might send the price further lower. However, for now, the short-term momentum seems bullish.

If the mentioned resistance is taken out, further gains toward 123.00 could occur. 

Alternatively, the support could be near previous lows of 121.80, and if not held, the short-term trend might change to bearish again.

It seems that the JPY crosses are no longer correlated to equities as the Yen is weakening today, while stocks are also down. Nevertheless, volatility in the FX pairs remains subdued and small stop-losses could be used for intraday trading. 
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