The EUR/JPY finds itself weaker following the Tuesday European session (10/15). However this may present an opportunity if risk-sentiment can turn around. When we add context by looking at the 4HR view, we see that after a 2-1/2 week decline, the last 4 trading sessions have seen the bulls put on a strong display. There was a nice double bottom pattern that presented itself in the first half of October with a neckline around the 132 handle. That DB pattern preceded an impulsive mark-up phase to 133.60 that was around 220 pips from bottom to top. What's next then? If there are signs of resolution in Washington, then the JPY X's should head higher, with upside targets near the 134.00 and 134.70. However, that's not a given and so its important to be on top of the news. - Nick