In an attempt to atone for the 44 point loser yestereday, going to take another shot to make everyone whole. Once again, and in real time. Enter Long EUR/JPY on a Stop Order @ (when/if) 116.09. Target: 117.60 (+151) Stop Loss: 116.63 (-46) Because I don't know what the market action will be that leads to the breakout, I am using a default stop under a current, very minor low. The RR is still over 3/1 so it should be OK as a jump off point, but will modify after entry.
Any thoughts on the risk impact of EUR/USD going down on EUR/JPY? EUR/USD at 1.4375. The area of 20 pips from current price might see sellers blocking rise or even bringing eur/usd down.
Starting to see technical signs that a short term move higher for the EURO against USD, CHF, JPY. Will need to see EUR/USD clear and hold the 1.4400 level before playing the expected retracement to 4600. Just ventured an anticipatory long trade in the EUR/JPY as stated in my earlier post. I think risk is back on for the remainder of the week. Even though I jumped the gun a bit, I think we need to clear 116.50 and then there could be some quick moves to the upside.