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A Range Bound EUR/JPY Presents Ideal Scalping Opportunity

A Range Bound EUR/JPY Presents Ideal Scalping Opportunity

2010-07-15 15:50:00
John Rivera, Currency Analyst
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The EUR/JPY continues to trade in a narrow range as bullish Euro and Yen sentiment offset each other. A successful Spanish bond auction on top of yesterday’s Greek tender has eased concerns over the region’s ability to raise capital, generating Euro support. Meanwhile, disappointing U.S. manufacturing and inflation data have reignited growth and deflation concerns fueling risk aversion and yen support. The offsetting forces have left the pair directionless making it an ideal scalping target.

Key Technical Levels

SR 10-07-15_1

The EUR/JPY has settled into a medium term range between 108.00 and 114.00 increasing its predictability. The 600 pip spread is quite large for high frequency traders but does provide potential points of inflection. The 20-Day SMA at 110.95 has developed into a support level leading to short-term consolidation. A two day range with upper and lower bounds of 113.50 and 112.00 respectively is confining price action and providing target levels to enter and exit positions.

SR 10-07-15_2

SR 10-07-15_3

Quantitative Metrics

The EUR/JPY’s ATR has been in a steady decline as concerns over Europe’s debt issues have dissipated. However, at 155 pips it remains one of the most volatile pairs which is a concern for scalpers. The pair’s Bollinger band width has narrowed to 577 pips placing it at the bottom amongst the most active pairs. Overall implied volatility readings have ticked higher increasing the potential risks for high frequency traders.

SR 10-07-15_4

SR 10-07-15_5

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