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EUR/JPY Presents Scalping Opportunity Ahead Of NFP’s

EUR/JPY Presents Scalping Opportunity Ahead Of NFP’s

2010-07-01 16:14:00
John Rivera, Currency Analyst
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Key Technical Levels

The EUR/JPY has been one of the quietest pairs on a relatively volatile trading day as Euro support has offset a broader flight to safety. A successful Spanish bond auction helped ease concerns over a potential credit ratings downgrade. Indeed, Moody’s announced that the country’s debt rating was under review and warned that it could be cut by two notches at the end of the process. Meanwhile, signs that manufacturing is slowing in the U.S., Europe and China have dimmed global growth expectations, resulting in yen support. The U.S. labor report is the next scheduled major event risk and given its importance we could see the pair look to consolidate going forward making it an ideal scalping target.

 SR 10-07-01_1

The EUR/JPY finds itself in an ascending channel which is providing target levels to enter and exit positions.  A short-term trend line could be a level of potential resistance and its convergence with a medium term support line could lead to a period of consolidation as they limit the possibility of a breakout.

SR 10-07-01_2

 SR 10-07-01_3

Quantitative Metrics

The EUR/JPY’s ATR has declined to 166 pips which is significantly lower than the levels that were seen at the beginning of June. However, the level of daily volatility is still in the upper ranks of the most traded pairs. Similarly, the Bollinger band width has narrowed to 609 pips but sits near the top of pair’s listed below. Increasing one week implied volatility levels warns o a continuation of recent volatility which increases the risks for high frequency traders.

 SR 10-07-01_4

SR 10-07-01_5

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