An update on the this week’s EURJPY momentum trade:
It’s working well! I received the confirmations I was looking for this week. BOJ has indeed been put back at the end of the Central bank queue, affirming it’s keeping the foot on the pedal, where the Fed leaves the door open to another rate rise. ECB is getting closer on pulling the trigger on tapering. These and the support layers in the 132s and even the low 133 holding well, has it come close to the important 134.40 level(61.8 fibo of the down move 2015-’16).I’m long looking a break, which could see a pretty impulse move all the way up to 140. Whatever happens to it now, will be a free ride as I have been jobbing the position around in between the levels as per previous update, but I will step out in case we break back below 132.40.
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