EUR crosses/JPY crosses/Trade Ideas

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.
  1. Sean, couple ideas: if rba does not cut sell the rally in aud/usd, if cuts then buy dip in aud/nzd. I am itching to sell gbp/jpy… Actually i did but really small. Will see how this one develops. If jpy/usd cross 100 will abondon it.

  2. Hi Sean, I managed to ‘buy the dip’ 🙂 with targeted T/P level at 13095. Unfortunately it retraced 100pts during the NY session. Do you think 13040 can be broken, seems like a triple top on the 4-hourly… Thanks

  3. I’m pretty sure that we are 100% rangebound in EUR/USD and the noise happens when cross flows emerge. Buy near 130 and sell near 13150 is obvious play and avoid trading in the middle of this range. Whether goes up or down 50 pips from here is coin toss imho. If I have positions I’m unsure of, I usually cut them, refresh my mind, and then start again. Hope that helps

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