Friday, October 14, 2011

FX Majors ( € ~ £ ~ ¥ ) ::: Trading the RANGE

Kapri Just entered those positions based on the assumption we are trading in the established range:

Short EUR/USD 1.3782
Short GBP/USD 1.5768
Long USD/JPY 76.88

Risk on a breach & close above
yesterday Highs & Lows respectively, so looking to add in that space until the inflection point is not compromised.

   ~   ~   ~   

Daily chart show 1.3850 as a major Resistance level (50% of 1.4555 - 1.3147).

Daily chart show 1.5789 as a major Resistance level (38.2% of 1.6627 - 1.5272).

Yen finally started moving after the extremely tight range congestion in the last 2 weeks.

Yen has appreciated to multi-year highs and MOF/BOJ wouldn't be feeling comfortable with these levels, hence the fear in the market with an FX market intervention. Given that premise the LONG side is favored.

One can use both the 76.30 and 76.78 as SL levels - or one could average till 75 if the price goes that way on the assumption the BOJ will defend those multi year lows in USD/JPY.


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