Trade 2 Long EURJPY: Closed for +52 pips
As I suggested earlier and in my trade of the day post, I am expecting Yen pairs and indices to turn higher after pullbacks, The USDJPY trade has cleared its first target and is now risk free so it is reasonable to take a second correlated pair. The EurJPY was my second choice and it appears to have completed its pullback, the pair closed above a trigger line and broke the days downtrend at the point the trade was taken. Other technicals are very supportive, Stochastics are trending higher having just come off their lows, a bullish crossover in MACD and a green awesome oscillator all suggestive of a positive move higher. Economic news is almost absent for the next few hours reducing risk even further, the predicted grind higher for the Euro may just be starting.
Trade 1 Long USDJPY Target hit +90 pips
I opened this trade on Friday but as always closed it before the weekend market sutdown. The pair jumed on market open reflecting the French elections, a typical 'buy the rumour sell the fact' sentiment has prevailed during the first full trading day. I waited for some evidence of a bottom before entering long again, I am pretty convinced that this is a very high probability trade. Continued Fed tightening and continued BoJ weakening give a constant push to this pair, Ithink the likelyhood is that we are heading for a signifcant move higher in all the yen pairs and will be hoping to take more positions later in the week. All markets seem to be aligning towards a typical risk on move where indices go up and yen pairs go down all acting in unison. It should be a solid week of gains
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