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USDJPY 4 HOUR CHART – WHERE IS THE TOP?
Market following the path of least resistance selling JPY on its crosses, where there is less chance of intervention (note, EURJPY is the big winner today).
How do we know that there have been cross flows going on?
EUR (=0.41%0 and JPY (-0.21%) moved in the opposite directions vs. the USD.
As for USDJPY, as I noted previously, while above 160, potential highs are 162 => 164.50 => 165 as the debate is what is the new MOF/BOJ line in the sand.
While charts show only signs of a pause, not a top, the threat of intervention is enough to keep trading cautious.
EURUSD 15 MINUTE CHART – POWER OF 50
To see the power of the “:50” level. Note the price moves on this chart: 1.07725 => 1.07495 =? 1.07725 =>… )
For those who have not read my article or those who want to refresh their memories, look at the chart below and then click on this link to see:
My Favorite Trading Secret; The Power of the “ 50” Level
EURUSD ONE HOUR – MIND THE GAP
JP is our resident expert on opening week gap. He says that these gaps eventually het filled.
In this case, either the gap is to Friday’s 1.0724 or to Friday’s 1.0714 close.
On the upside, above 1.0750 and then 1.0761 would suggest a risk to the upside to 1.0815-52
Note the current pattern of trading either side of 1.07 is 6 days in a row. If 1.0800 does not print today it would be a bullish sign.
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