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After seeing the EURJPY declining downwards last month creating a support at 130, I knew the downtrend wasn't over yet!
We can see some signs of weakness in EURJPY. The currency pair was continuously falling in February and March and after failed to make an inverse head and shoulders, it is now moving in a rising wedge pattern, which is also a sign of exhaustion. Therefore, we would purchase daily Put options at 132.30 for 21:00 GMT expiry, as we expect EURJPY to close lower on the day.
source:fxcm.com
As EURJPY closes lower on the day, all other Asian pairs like attached with the EUR will also close lower today because of their trading session and time zone !
Thats all for today, till next time I do another analysis on forex pairs.