Trade # 26: EUR/JPY Long

I am long EUR/JPY from 133.40, stop @ 129.50. I think the correction from 141.73 should be nearly over. My target is above 141.73. I will trail my stop as the trade progresses.

Notice the 3-wave correction that has thus-far ensued. WaveC is roughly equal to WaveA, and price was supported by the 78.6% fibo. As long as price stays above 133.35, a new uptrend should have started. I noticed that the SPX dropped on lower volume today, so hopefully it is just retesting the low and will now bounce upwards. This would support the EUR/JPY pair.

I also noticed that retail short interest for USD/JPY increased as the pair dropped, which means that perhaps retails are beginning to switch to the obvious downtrend. This is bullish for USD/JPY and thus EUR/JPY.

1 comment:

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