JPY crosses/Trade Ideas

EUR/JPY: Selling smalls here at 129.00

The nasty break lower last night is a sign of things to come I feel so I’ve taken a small short at 129.00 (which is where the big stops were placed last night and also roughly the 50% retracement of last night’s collapse).

The next topside level to watch is at 129.50.

  1. Hi Sean,

    What’s the target for this trade or your thoughts how far it will go? Remember you said macro players may liquidate below129…

  2. G’day there Sean, I must say a big thank you for the heads up on the funds’ positioning yesterday. This was the pair I was already eyeing after missing the boat on USD/JPY (bit greedy there) and your post helped tip the balance. A lazy 253 pips for a nights work was very nice and to wake up and see it around a good re-entry level makes it all the better (have to be grateful sometimes for the parallel universe that is the Asian session). I wish I’d been more aggressive but those extra dollars will have to join all the others in the rear view mirror!
    Tonight’s NFP lottery may provide a tipping point if it disappoints but will be watching it closely in case it surprises to the upside. I would expect, however, that it would have to be a pretty big number to change the momentum. Hopefully it’ll be well clear of the danger zone if that is the case.

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