• Speculators are short euro $20 equivalent

• Traders also long yen $8billion equivalent

• EUR/JPY dived in wake US/JP intervention

• Cross fell 187.43 on Jul 30 to 175.09 Oct 30

• Nov high at 178.34 - exceeds 178.00 23.6% target

• Target for bigger correction (38.2%) is 179.81

• It may be wise to hedge the risk of a EUR/USD rally

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EURJPY

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)