EUR/JPY intraday: Still prefer the buy-dip strategy
- I was watching this pair closely on Friday night and it felt to me as if it had turned a corner and exited its consolidation phase.
- Sovereigns have been buying EUR/USD below 1.3000 and dealers report buying interest now 1.3030/50.
- USD/JPY looks set to test 100.00 again.
- Depending on what happens later with RBA, we may see some volatility in all of the Yen crosses and I prefer to use any EUR/JPY dips as intraday buying opportunities.
- Or as another trader suggested, if 100.00 breaks in USD/JPY and EUR/USD is still near 1.3050-ish, then buy the cross with a trailing stop.