JPY crosses/Trade Ideas

EUR/JPY: Looking at a 114.10/117.10 trading range in coming sessions

The overnight low was at 114.10 so I’m using that as my downside base. Presuming the recent up-trend remains in place, that should mean that we get another test of recent highs at 116.00. The technical target for USD/JPY is a 38.2% Fibo at 88.95 so if we get there and EUR/USD gets towards reported offers near 1.3170, that could have the cross trading above 117.10.

Not sure if that’s a logical range or not but it does make some sense so I will try trading near the edges of this 114.10/117.10 range until something happens to change my view.

  1. Hi Sean,
    I felt whoever missed out on the selling this pair last night may come back in tonight on the asian open for some more profit taking at a similar level, in at 115.13 with 20 pip risk, now at b/e. Whoever wins the battle of the 100 sma on H1 and round number 115 will determine the outcome again. The bounce in Europe seemed likely since the atr for the day had been reached already in asian trading.

  2. Hard to call the top, price currently right on the 200 week sma, the bulls may be wanting a close above that and possibly the bigger retracement will come after.

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