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 also looking to position for much larger bull moves in the EURAUD and EURCHF. Support comes in at 12700 for EURAUD and 12390 in EURCHF.
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.