Trading EURJPY Short Term

DailyFX

The GBPUSD is doing what we expected...1.5100 is serving as support. There is no change.

A spike lower this morning into EURJPY support defined by January resistance, the 2/25 large range day close, and a trendline offered the opportunity to get long for at least a bounce from the bottom of the multi-month range. The short term target is former support at 121.45. The midpoint of the recent range at 123.00 could come into play as well. As always, pay attention to the US open for turns in risk sensitive pairs.

-Jamie Saettele, CMT

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