Prices have stalled yet again just above 129.50 (see chart) and this pair is struggling to maintain momentum in either direction. I’m still in the sell-rally camp here but only looking for 150/200 pip swings. Prices have been struggling to hold above 129.50 but the market is trying to re-impose the bearish Yen play, so I think we may get a break higher in coming sessions to test Fibo resistance at 130.45/50.
I’m looking to sell a failure there, with a tight-ish stop, looking for pullback from there towards 128.50/129.00.