USD/JPY longer term trades above neutrality and flat on the floor in the daily view while EUR/USD’s current price longer term is far to high but a base is forming.
Both euro and sterling rallied against the dollar on Friday. Some traders may be surprised by the tight consolidation in EUR/USD despite all of the big stories and important economic reports.
EUR/USD continues its bullish trend. The resistance comes in at 1.2400 level should this level break on the upside, the next resistance is at 1.2500. Alternatively, the support lies at 1.2300 level. Below this level we will be looking at further downside to 1.2220.
On the data slate there’s German Import Price Index; UK Mortgage Approvals; US Chicago Fed National Activity Index; US Dallas Fed Manufacturing Business Index; US 3- and 6-Month Bill Auctions; 2-Year Note Auction; US Fed’s William Dudley Speech and US FOMC Member Mester Speech.
BUY EUR/USD @ 1.2350 OR BETTER – STOP @ 1.2305 – TARGET @ 1.2510
BUY GBP/USD @ 1.4130 OR BETTER – STOP @ 1.4080 – TARGET @ 1.4275
SELL USD/JPY @ 104.90 OR BETTER – STOP @ 105.40 – TARGET @ 104.10
BUY CL0518 @ 65.80 OR BETTER – STOP @ 65.10 – TARGET @ 66.80
BUY AUD/USD @ 0.7680 OR BETTER – STOP @ 0.7610 – TARGET @ 0.7790
BUY XAU @ 1345 OR BETTER – STOP @ 1340 – TARGET @ 1362
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
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I have been trying to short USDJPY for week, was waiting of a pull back to the 108 area, but price never came back.
I will examine price action once price gets back to the 106 level.
My 1st target remains 103.00
most of my trades are in the opposite direction of yours. but no problems as we have different entry prices.