[B]My picks:[/B] Short EUR/JPY
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
My last EUR trade (short EUR/GBP) didn’t work out so well and was stopped out on Friday.
As I’ve mentioned over the past few days, I am feeling quite bullish on JPY. I’ve mentioned a few long JPY positions over the past week or so, including a short USD/JPY trade from 4/15 (triggered on 4/20, still open), a short AUD/JPY trade from 4/20, and a short GBP/JPY from 4/27.
I’ll add one more to this and say that the clear EUR/JPY break below trendline support (connecting the 2009 lows) warrants a bearish bias. Stops should be place above falling trendline resistance (intraday) at 128.00, and potential targets include the psychologically important 120.00 level, as well as the 2008/2009 lows near 115.00.