EUR/JPY view #2: Wait for an outside week before commiting to contrarian trade
Very wise old trader just sent me his view of the world and he’s expecting a very volatile week in EUR/JPY, possibly seeing 112.50/116.50 type range. He thinks both the bears and the bulls might get whipped around and that this might be the signal for a retracement/reversal to be set in motion?
Certainly makes plenty of sense. Short-term support at 114.30 has held so I’ve taken 1/2 my position from this morning off the table for a tidy 110 pip profit which will make any further trading decisions today much easier.