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Guest Commentary: Last We Were Here on EURJPY we made 1000 pips!

Guest Commentary: Last We Were Here on EURJPY we made 1000 pips!

Ed Matts,,

*We remain cautiously bearish and short as it remains within a seemingly pivotal 98.35-101.65 consolidation.

Those two statements are very familiar as they're reminiscent of the March 28th top at 111.45.

So following the 5 wave decline to 98.35, the sharp three legged rally to 101.40 is certainlyenough in distance for a correction but possibly not time, as while Euro Yen fails to break to 98.10-35 support (98.10 being c=a) then there is scope to repeat March 29th April 2nd with another rally to 101.00 before lower.

Guest_Commentary_Last_We_Were_Here_on_EURJPY_we_made_1000_pips_body_EURJPYFractal607.png, Guest Commentary: Last We Were Here on EURJPY we made 1000 pips!

So we remain short and will reduce our position on any weakness today to resell the rally for an eventual break down to a current 96.30 c=1.618A objective very close to the 95.60 medium term low.

Stops 101.70 as a break extends to 103.40.

Further videos or commentaries are available from or @EdMatts on Twitter.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.