Eurjpy

[Jocelyn]

Supply channel getting "worked" on this pair as EU Bulls peel off profits & assess the state of play.

The lower boundary (160.0) will focus the aggressive spec att'n here, as the strength of the stops begins to tell.

159.20-40 the 1st test for bids, followed by 158.20-50.

Those players holding longs thru 154.50-155.0 won't begin stirring until their stops @ 156.80 thru 157.20 come into view.

[didjerdu]

Right now I'm making a play below the 160 level. Long short? On the H4 there's room to move to the downside. S @ 159.26 and 158.80. Are you in agreement Jocelyn? Do you differ?
Lemon O.
Steve

[Tess]

Jos shut her desk at the NY close & is on a vacation day today (Fri) Steve.

Tokyo desks have held the bid at her secondary support (158.50) in light Friday traffic. This area holds the higher low pattern on this pair (check your hourlies), confirming the 161.50 barrier as key for Euro Bull progression.

Note the lower high clip off that level? The breach thru 160.0 gives the nod that the supply still holds the ace card & that level requires strong work by Euro Bulls to negate the downside back to circa156.50 & stronger potential demand at 155.0

You can play the secondary support-resistance barriers below 160.0 via the intradays by simply observing your favored triggers off the back of the peak-trough patterns (lower lows & highs....higher lows & highs etc).

[didjerdu]

Thanks very much for your reply, Tess.
S