Forex Flash: EUR/JPY & AUD/JPY technicals show consolidation ending - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that EUR/JPY and AUD/JPY technical patterns show that the consolidation period is coming to an end, and the pairs are likely to move to the upside soon.

He adds that EUR is a bit cheap from a PCA view, suggesting a short covering is possible, but the strongest signal is long AUD/USD and EUR/SEK. Our systems are currently sending softer signals but remain long USD, AUD and NZD and short EUR, GBP, JPY and NOK.