We have a significant SnR zone where the markets have been bouncing around in. Currently we are just about breaking below this area. Would like to see a breakout and a possible pull back into the zone for a push off south.
Unemployment rate for Japan coming out today is a key indicator for the trade.
UK contruction PMI would also be helpful. We are looking out for bullish sentiment on JPY and/or weak sentiments on GBP.
Sell offs usually last weeks, not months. Iād expect another week or two of selling and then buying opportunities. I suppose this is not a known situation in the modern world, but the sell off is usually sharp with a more gradual recovery after.
