The JPY was the big winner overnight and it is tempting to believe that much of the heavy EUR/USD selling seen during London was cross related. EUR/JPY touched short term support at 131.75 during Asian trade, jumped 200 pips to 133.60 and then proceeded to lose almost 300. A traders dream, if you can get in the flow of course. The 125/135 holding channel still applies for EUR/JPY but the short term technicals would imply that we are headed for the base first. I’m looking to sell rallies on the day with a target at 129.80.
Good luck today.
