EUR crosses

EUR/JPY gets close to testing support levels

Looks like the bears might have the better cards here in short term and it’s probably only a matter of time before trailing stops below 105.70 get triggered. I’d now look to play a 105.70/106.20 s/t range with a bearish bias. Medium term I still prefer to buy dips.

  1. Hi sean, i triggered a long position on the aussie/$ at 1.0442 hoping to atleast test 1.0500 again.
    the 61.8% retracement of the previous move down comes in at 1.0441.Plus a fast trending 100 hour mvag provided a good support. Plus price action on the m5 showed very strong support. ( and a few more reasons)
    what do you think sean. Thanx in advance.

    on the other hand,JP morgan came out with a report today suggesting rate cuts over the next 3 months so ill constantly be on the look out from now for an ideal position to trigger longer term shorts.

    1. Thanks for letting me know EUR/JPY is close to support. I wasn’t even watching this pair today. By the way, decent bids appearing around 105.60/70.

  2. Hi Rahul, I’m still playing this pair from short side but if 10510/20 breaks then I’ll start getting worried. Not sure about longs at current levels, its very close to resistance and selling interest? But good luck anyway, you seem to be getting most things right at moment so keep doing whatever you’re doing

  3. Yes sean, on a longer timeframe im with you because im bullish the dollar(for a host of reasons) and believe that the aussie has some easing coming up.
    But i also believe that its one of the most resiliant pairs around.this was a short term trade on my conviction that the bulls will definitely make another attempt at that level.No idea how it will turn out though.
    il let the market decide.

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