EUR/JPY consolidating in nervous trade

The barrier at 89.00 in USD/JPY proved to be fairly small and EUR/JPY has broken above 118.00. The market is overall still a little short of EUR so this pair may still have some legs left in it. I can’t get bullish USD/JPY at these levels but perhaps further gains in the cross will come mainly through the EUR/USD component?

  1. Sean, tend to agree. Should mainly coming from EUR/USD. If this theory holds, the EUR crosses should be up too in the coming sessions. Your EUR/AUD should be back in play. I am trying to find a short term dip to buy into. May be a good chinese CPI data would help?

  2. might just prove to be a punt but think taking small short at mid 89 in usdjpy may be worth a dip of 200 pips atleast within 2 weeks

  3. Not too sure at moment RR, I sold earlier but it looks as strong as 10 men at moment. The only thing is that Japan watches Ichimoku closely so we might see profit taking??

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