Gaining three of the last 5 days, the short term bull run has ran into the key resistance level discussed in last weeks market commentary at 1.3107, attempting three times to break it. Failing to do so, it has settled into a relative range between 1.3115 and 1.3037. A break above targets the 1.3254 area, while breaking down below 1.3037 will cause some profits to be taken, and a likely further retracement towards 1.2948. So watch these intra-day price action levels for your next signal.
Forming a large impulsive selling bar to end last week, the EURJPY has taken out the last two days lows (almost a third), and thus, likely triggered some stops and profit …