The Euro rose as expected against the Japanese Yen after showing a bullish Piercing Line candlestick pattern. A close above the 23.6% Fibonacci retracement at 138.45 has exposed the 38.2% level at 139.83 as the next upside barrier. Alternatively, a reversal back below 138.45 aims for the
Current positioning allows for a long position on from a risk/reward perspective but tactically, looming event risk warns against taking directional bets. The Yen remains highly sensitive to churn in risk appetite trends, making the currency's crosses vulnerable to sharp volatility as the upcoming US Employment report crosses the wires. With that in mind, we will opt to play it safe and stand aside.