The EUR/JPY is in a bear flag formation (set up) and does not go into play until a break below the 132.50 support. However, one of the characteristics I have noticed about this chart is the RSI (on the bottom) which has gotten back to a neutral reading, which clears a way for another wave of selling, should the chart pattern play out.

Here is the chart:

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I have a short EUR/JPY position from the last week, with intentions of adding once we clear support.