- There were a few scares running through the EUR over the last 24 hours;
- Global equity markets ran scared for a while after developments in Portugal;
- Bad news begets bad news, and there was also talk that Greece had only partially placed a 3-year bond.
As we know, in the FX markets it’s extreme positioning which drive the big moves and any extreme positioning in EUR/JPY is likely to be based in Japan and is likely to be long.
I’d suggest playing EUR/JPY from the short side for the first half of the Asian session and if it doesn’t move before then, give up and enjoy the weekend.
TGIF 🙂