Trendline Rejection in Play
What's happening now:
EURJPY seems to be rejecting a trendline. However, the day is still young and aggressive bullish price action could still show up towards the end of the day.
My trade idea:
On the other hand, if today's candlestick closes below this trendline, I'll be looking for selling opportunities.
Fundamentals and in support of a lower target. Hopes for more stimulus in the EU are pressing the Euro downward. The Japanese Economy is still improving and demand for the YEN is expected to increase.
The CFTC COT Weekly report shows that more long positions on the EURO were closed. The net positions have over a few weeks, reduced from over 200k to below 150k.
EURJPY seems to be rejecting a trendline. However, the day is still young and aggressive bullish price action could still show up towards the end of the day.
My trade idea:
On the other hand, if today's candlestick closes below this trendline, I'll be looking for selling opportunities.
Fundamentals and in support of a lower target. Hopes for more stimulus in the EU are pressing the Euro downward. The Japanese Economy is still improving and demand for the YEN is expected to increase.
The CFTC COT Weekly report shows that more long positions on the EURO were closed. The net positions have over a few weeks, reduced from over 200k to below 150k.
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