EUR/JPY
Comment: We continue with a very cautious stance and favour a decent bout of correction and consolidation over the next month or two. For this week expect a test of the 26-day moving average at 162.69 and the trendline at 162.30 today. A sustained break below here should set off a slide to the top of the Ichimoku cloud and at-the-money implied volatility should increase.
Strategy: Attempt small shorts at 163.40/163.65; stop above 164.30. Short term target 163.00, then 162.20.
Bookmarks