Yesterday’s hesitation in shorting EJ resulted in a poor entry. One has to be ruthless with decisions, as the markets move so fast. Anyway, the price action yesterday and so far today suggests strongly that we are in a serious EURUSD correction. Even if USDJPY were to remain strong, EURJPY will not rise much more. It is a worthwhile risk to short here.
Short $110/pip EURJPY at 125.47. SL at 126.05, but I might exit this at around 125.65 depending on the price action.