Forex Trading: NOW Looking to Short Yen Crosses
EURJPY longs from yesterday were exited today at 11980. This is a range week so there may be an opportunity to trade Yen crosses from the short side now. If fighting the rally, then do it through the technically weak pairs; the GBPJPY and CADJPY. These 2 are the only pairs that have broken downside pivots (GBPJPY actually traded below the 1/2 low and CADJPY traded below the 1/16 low). I'm not involved here yet and any trades will be disseminated via Twitter @JamieSaettele (as always). Levels to keep in mind for resistance are 8993-9029 in CADJPY and 14283 for GBPJPY.
I'm still long NZDUSD from the 18th. The entry was 8360 and the upside is valid against 8323.
--- 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.