EUR/JPY is under heavy pressure as EUR/USD fails to hold the post-payrolls rally.
Keep an eye on the 200-day moving average in EUR/JPY. It’s about 60 pips below the market, probably too far away to be pierced on a holiday Friday but worth keeping in mind when the markets are somewhat more liquid on Easter Monday.
Just below the 200-day is the 38.2% Fibo of the 96.95/111.43 rally that has unfolded so far in 2012. That level comes in at 105.95.
We won’t be fully liquid until Tuesday of next week.
