The 133.50 level has just become important from a technical perspective.

We have just bounced again from the 133.50 area (magenta line) making this an important level the bears have to take in order to gain control . The level marked a high on 11/12th October and also the 38.2% from the 19 Oct low.(green arrow). The high today was capped by a combo of fib extensions (red arrow) from the two previous swing lows .

So now we have reasonable short term support and a Monday high from which to use as future areas to trade from. Ongoing Yen weakness and the looming ECB will have a say in direction, but good to have some levels to hang your hat on and gauge strength as we enter the new trading week .

 

 

EURJPY-H1

Horatio Dubsly

Collects more scalps than Crazy Horse and newly crowned Bitcoin & Dow top calling master.
Philosophy: "Trading rules.....it most certainly does"

Read how Horatio got into trading here
Horatio Dubsly

Pin It on Pinterest