JPY crosses/Trade Ideas

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.

  1. Might be best to wait be4 selling? Hearing decent bids in EUR/USD not far away and EUR/JPY mkt has already fallen 100 pips today? Perhaps wait for better levels and if they don’t happen, well best to wait for next opportunity rather than chasing mkt lower in a bull trend??

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