Friday, this could be a make or break scenario
For those who want to stay away from yield/spread/stock driven USD trades.
EURJPY trading at 132.39, a couple of pips above the support line, level we’ve been talking about and trading in our room a few times this week.
It does look heavy, a break should test the next one at 132.00/10, if not a black Friday scenario develops and get down to 131.50 or 131.00 even, never know what’s in store stocks/yields’s side. A hold in turn will solidify the support (1.2290/2300 EURUSD? it’s rather a EUR play than JPY looking at USDJPY lethargy) and put it up for a return to 133.00
Years of experience has shown that things aIways look the most offered at the bottom and the most bid at the top(ask your taxi driver or barmaid about Bitchcoin). So why not give this adage a little test? I bought very small here @ 39, it’s not a high conviction trade, to respect the level, will stop and reverse if 132.30 goes and take it from there. If the long works out , I’ll happily tp close to 133.
Stay safe, happy hunting and karaoke on!