After relentless selling for the past week, EURJPY appears to have bottomed at the 132.00 level. The pair has formed a bottom of four wick candles indicating that buyers continue to scoop up the pair whenever it approaches that level.

With USDJPY appearing to have found a bottom at the 106.00 figure and EURUSD holding bid near the 1.2500 high’s EURJPY may be poised to make a move back towards the 134.00 figure as the week comes to an end. After endless days of trying the break fresh lows, the short may be exhausted and a short squeeze in the pair is due.