The EURJPY pair has been in a steady uptrend since the beginning of this month. Since October, it surged 1,400 pips, but it does not have a bright outlook in the short run.
EURJPY posted some major gains so far and it may be time that some traders are closing out their positions. The price is stalling a bit longer than I would like it to, but this could just be a consolidation before a big move is coming. Right now, we are remaining bearish. However, keep in mind that there is a possibility that this trend line may be redrawn.
