Last week, the euro got a boost when Draghi "under-delivered", though the the ECB did extend the current QE timetable and lower the deposit rate by 10 basis points to -0.3%. Here is an article from Bloomberg: Draghi Braves QE Hype...In any case, the euro surged as we saw in the EUR/JPY. EUR/JPY 4H Chart 12/7 (click to enlarge) The 4H chart shows price shooting up from around 130 to about 134.50. This rally covered the entire range of November's price action. However, it came up against a falling speedline seen in the daily chart. We can see price topping in the 4H chart, We should anticipate a pullback at least towards the 131.50-132 area. EURJPY Daily Chart 12/7 (click to enlarge) The daily chart shows that the rally was still within the context of a choppy and slightly bearish market. The fact that the speedline, and essentially the cluster of 200-, 100-, and 50-period simple moving averages are acting as resistance shows that bears are still in control. 131.50-132 is a conservative target, while there is downside risk towards the 130 handle as well. Now, a break above 135.00 might change the technical picture. The market would look neutral-bullish, instead of neutral-bearish as it does now.