EURJPY according to plan, follow up and bigger picture!
A month ago I published the following analysis of EURJPY. Have a look for context to see why I'm still bearish overall.
There is still the possibility of a third leg higher as posted last week (125-126). However we simply have to wait and see what kind of consolidation the market will present us in the beginning of the week for short term trading opportunities. My medium term bias however is short towards 120, 117 and maybe even 112. Once this is all over we will reverse and my longer term bias tells me that we will take out 150. This seems far away but we were on top of this pair for a long period of time which makes the analysis more likely to be correct. So I will follow this pair closely and want to build a basket of positions once it is all in place and ready for the next leg higher.
There is still the possibility of a third leg higher as posted last week (125-126). However we simply have to wait and see what kind of consolidation the market will present us in the beginning of the week for short term trading opportunities. My medium term bias however is short towards 120, 117 and maybe even 112. Once this is all over we will reverse and my longer term bias tells me that we will take out 150. This seems far away but we were on top of this pair for a long period of time which makes the analysis more likely to be correct. So I will follow this pair closely and want to build a basket of positions once it is all in place and ready for the next leg higher.
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