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Guest Commentary: Last Time EURJPY Was Here We Made 1300-pips!

Guest Commentary: Last Time EURJPY Was Here We Made 1300-pips!

Ed Matts,,

* EURJPY has broken higher from consolidation in the final sustained spike.

* The sudden interest in EURJPY suggests 'easy' money is now on board encouraging view this cannot be sustained.

* Since this is close to the end of a possible medium term correction, we are now switching from long to short.

Guest_Commentary_Last_Time_EURJPY_Was_Here_We_Made_1300pips_body_eurjpy1709.png, Guest Commentary: Last Time EURJPY Was Here We Made 1300-pips!

EURJPY is in the so called Intervention Style C leg (Spiral Analogy) that projected 10170 from below 95.

This Rally should be so aggressive that everyone thinks its a new uptrend...

It certainly is which is Why We are Selling!

EURJPY is in so called Intervention Style C leg. The rally that is so aggressive that everyone thinks its a new uptrend... just like 111.35 13920 170...and the Spiral Analogy took it to new lows each time 15% decline after.. And its clearly accelerated through the 101.70 minimum target the 102.75 50% retracement.

So it must be a bull market.. Well it might be and the current rally appears to have the legs for 104.65 the previous April 2012 low and the 104.80 61.8% target that is also v=i short term and 5=1.618 from the 94.10 low. Major confluence for a reason? Probably..certainly toppish for a return to to the safety of the 102.75-103.00 range and it no doubt will appear corrective encouraging bulls to buy but should then roll back over to 100.50-70 by which time the Spiral will be in full swing again. to new lows.

How do we trade this? Bravely perhaps or options perhaps or selling above 104 with 105 stops as the Spiral Analogy has made us significant profits previously. A break of 105 would extend to 106.20 but really would suggest its uptrend that will hold 100.50 for 111.45 and end the previously extremely profitable Spiral analogy.

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.