Long EUR/JPY
Updated
I hold an upside bias for this pair given that the Euro is benefiting from its stimulus package still and dollar weakness. Markets like any opportunity for risk-on and even though today is tilting slightly risk-off with strength in the Yen the price has pulled back to a key support area. I have entered one position at market and will look to enter again on a further pull back to 125.00.
Note
Contemplating adding to this position on a pull back to 125.40 which will be at the riser trend line. Risks are that I currently don't understand if the JPY strength will be maintained and there is also downside risk to Europe's rising COVID cases. It will be more of a technical re-entry to average down my position.
The EUR will likely remain supportive with USD weakness going forward after the dovish monetary policy shift by the FED.
Note
Have taken another micro lot position at 125.40. Average price is now 125.74.Trade closed manually
Closed all positions at 126.16 in anticipation of a sell off again. Took a total £13.70. In hindsight I should have maybe left one position still running until up key level is broken.
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