In mid-April, the EURJPY embarked on one of the more aggressive rallies within the last few years. It took just 22 trading days for the pair to gain 1,100 pips.
But that may be coming to an end, at least temporarily. Since topping out at 125.80, buyers have struggled to do anything more than tread water, and the consolidation thus far doesn’t look very constructive.
Some may argue that the mid-April rally is impulsive and recent price action is therefore corrective and mostly bullish.
However, I’d argue that the EURJPY has made a habit of carving out aggressive rallies only to give it all right back.
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Daily Price Action
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