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It seems to me Eur Jpy has formed a big bear wedge on the daily chart over the last 9 months.

It almost reached a 50% retracement of the entire move down from the 170 high point in mid 2008.

A break and close below 132 on this pair would make me very bearish and the let me to target 125 if not 120.

However if that 132 level is not broken there is still room to move up to the 50% retracement level of 140 before heading back down so I would not be taking any positions right now but waiting for a confirmation of the direction of the trend.

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations