JPY crosses/Trade Ideas/USD/JPY

EUR/JPY: Intraday bears can try selling at 128.10 with tight-ish stops

As I mentioned below, USD/JPY is likely to tend back towards 95.00 throughout the course of the day. EUR/JPY has some decent technical resistance on the hourly chart at 128.10 (hourly highs and a 50% retracement level). Those looking to play the bear card intraday can try selling near there with a tight stop (30/40 pips in these market conditions).

  1. I don’t understand the euro and GBp rally today despite strong usd numbers and a strong usd/jpy. Usd/ jpy strength did not materialize into usd/chf strength at all!! I am going to give a pass for few days with these strange gyrations. Not strong enough to short Eur/jpy with a rally in both Eur/usd and usd/jpy!!

  2. Hi Sean, Covered at 125.40 last night and was happy to call it quits for the week but with a huge turnaround overnight and foolish predisposition, will look at selling any pop above 128.

    Thank you for your work Sean. It is much appreciated.

  3. Hi Sean,

    I am still holding my long position on EUR/JPY at 129.90. The stop loss was lowered and resumed back to 125.00 by this morning.

    I am still targeting the 165.00/169.00. However, overtime depending to the performance of the pair, I may close and re-enter per 250-500 PIPs.

    Is it my long and long positions for the up-trending macro-trend is likely make sense to you ?.

    The quarterly band aligned to 126.00 by yesterday but pressured down to 125.30 and this Asian morning session the EUR/JPY moved to 128.16.

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