FXWW News/JPY crosses

EUR/JPY fast approaching technical resistance at 131.10

I’m really not sure what is driving the EUR/JPY higher from these already lofty levels but if 131.10/20 resistance breaks (and nullifies the potential topping pattern) then we are likely to see stops going off.

  1. According to statistics, head & shoulder is the most reliable pattern (having highest success rate), followed by the double bottom pattern. But whenever I traded a H&S, I got kicked out 3 out of 4 :p

  2. I agree 100%. My most successful technical trades have come from this type of reversal pattern. Of course I lose some as well but the risk-reward is massive so it usually pays to play them imho. BUT wait for perfect horizontal patterns and only at major chart highs and lows. DO NOT look for H&S reversals mid-range

  3. Hi Sean, eurjpy hit 131.2 but no follow through so far. Are you still holding your shorts? Am actually tempted to put a short at current level with stop 131.4. What’s your view? Thanks.

    In addition, may I know why is chf strengthening these 2 days? the cross pairs eurchf gbpchf and usdchf are being battered again as I type. Positional adjustments ahead of BB? Thanks.

  4. Hi Pete, yes still short and just sold small at 131.10 after spike higher failed and reversed. I will stop out now above 13150. Not 100% sure on CHF, positional adjustment as usual but support still relevant at 12345

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