EUR/JPY: Waiting For The Next Strong Movement Up

Now our cross is forming a flag, waiting for the next strong movement up. On Friday morning we went down, developing the flag´s low part. After the weekend we have opened up, forming the highest side. Usually we see the strong movements during the overlap European, American session, and I think that we can expect a consolidation before a movement up in that moment. Also we have to have a look to the stock market because it is overbought in daily and weekly basis and the USD/JPY will follow it. We have to find a low to open longs and the low part of the flag is the best area, around 131.56.The Euro has opened weak after the weekend but is now rallying and we look to test of the 1.2938 level which I believe it will not hold above but that strength in the Dollar is going to push up the USD/JPY.The first resistance now is 132.03 and the second one is 132.39. The first support is 131.56 and the second one is 131.12 where we have a confluence with the first Fibo level at 131.13.

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