The EURJPY, CHFJPY, AUDJPY, CADJPY, and NZDJPY carved out Weekly J Spike Reversals. As such, I’d like to short early week strength in Yen crosses. Levels of interest as resistance are 12556-12606 EURJPY, 10208/45 CHFJPY, 9628/55 AUDJPY, 9325/54 CADJPY, and 7819/48 NZDJPY.
My trading will focus on EURJPY (EURJPY short was exited last night at 12400 for +225 pips) and AUDJPY but AUDJPY is probably the best play as per EURAUD structure (bullish) and AUDUSD structure (bearish). On that front, I’ll be looking to return to a long EURAUD position this week – I’d like to see an up day above trendline support before going back in.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.