USDJPY and GBPJPY continues on strongly today in their bull trend. Usually yen pairs correlate and move together. Although EURJPY is bullish on the weekly and daily charts, it has failed to break out of its current range (as observed on the 3 hr chart) as a result of overall euro weakness. Should one remain bullish "intraday" on this pair?
Well, the fundamental principle of trading in the direction of the overall trend should be maintained to reduce risk. Although there is opportunity to short this pair at 122.56 and 123.30 to take profit levels of 121.95. Nonetheless, I prefer to buy into the overall trend as a strategy. Good buy levels are 121.93, 121.17 and 121.09.
In summary, my overall outlook on this pair remains long. As it is neutral currently, I buy on pullbacks taking profits at range top levels. I will continue to monitor the pair for a break and a sustained move, as well as close above level 123.31
Well, the fundamental principle of trading in the direction of the overall trend should be maintained to reduce risk. Although there is opportunity to short this pair at 122.56 and 123.30 to take profit levels of 121.95. Nonetheless, I prefer to buy into the overall trend as a strategy. Good buy levels are 121.93, 121.17 and 121.09.
In summary, my overall outlook on this pair remains long. As it is neutral currently, I buy on pullbacks taking profits at range top levels. I will continue to monitor the pair for a break and a sustained move, as well as close above level 123.31
