EUR/JPY has had a nice run towards the recent highs of 130 the closer it gets to 130 the shorter I am. Overall i'm more bullish on this pair but given the recent sideways action of this pair it's ranging in a 2500 pip range. It is currently near the top of that range and I'll risk a short at 126-128 zone. If that stop gets hit I will risk another at the 130 zone. If 130 zone breaks above I will look for a pull back to go long and hold with a target of 140-150
Thursday, February 26, 2009
EUR/JPY: Short may be brewing - Waiting for 130
EUR/JPY has had a nice run towards the recent highs of 130 the closer it gets to 130 the shorter I am. Overall i'm more bullish on this pair but given the recent sideways action of this pair it's ranging in a 2500 pip range. It is currently near the top of that range and I'll risk a short at 126-128 zone. If that stop gets hit I will risk another at the 130 zone. If 130 zone breaks above I will look for a pull back to go long and hold with a target of 140-150
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