Things seem to be escalating on the equities side, and it’s time to take a quick peek at conditions over on the EUR/JPY pair. Thirty minutes to the bell, so forgive me for getting right to the point:
Short term 5-min view on the FX pair. Don’t try to guess a bottom unless we breach that 20% mark from below.
The 30-min chart just seems to get started. But watch that green line – this is where the bears have failed thus far. If we get a breach here we may make it to the 20% mark in a jiffy.
So, I recommend you watch both time frames. A push through the 20% mark on the 5-min will indicate that this attempt has failed and that we start curling back up. If we remain embedded on the short term chart then we may have a chance to breach that green support line.