Price is moving in a clean path without much unnecessary noise. However in the start of the ongoing week EUR started a big rally, which was backed by fundamental factors, and made EURJPY step away from its path.
This ended in a fakeout of the bearish flag that the price was respecting a lot. JPY Investors didn't really let this situation continue and in cooperation with EUR sellers that appeared when EUR pairs became too expensive, pushed the price down again.
Now we're ahead of the lower limit of the bearish flag which will determine if the price will continue its journey to the bearish heaven or not, for now.
Fundamentally speaking, we're a few days away of the US elections which are a known risk event for every kind of investor in the market. People search for safe options till the thunderstorm is over. JPY is the resort for days like these.
My trade strategy here is trying to get advantage of the breakout and surf the waterfall - yes; metaphorically -.
This ended in a fakeout of the bearish flag that the price was respecting a lot. JPY Investors didn't really let this situation continue and in cooperation with EUR sellers that appeared when EUR pairs became too expensive, pushed the price down again.
Now we're ahead of the lower limit of the bearish flag which will determine if the price will continue its journey to the bearish heaven or not, for now.
Fundamentally speaking, we're a few days away of the US elections which are a known risk event for every kind of investor in the market. People search for safe options till the thunderstorm is over. JPY is the resort for days like these.
My trade strategy here is trying to get advantage of the breakout and surf the waterfall - yes; metaphorically -.
Comment:
Chart correction: First target is the 123 Level as mentioned by the line. Obviously not 103. :)
