Portier: EURJPY - immediate short to support/long on CTL break
Technical analysis:
Subsequent to price rejecting the 133 handle (bear engulfing PA), price aims toward the immediate 131 zone of support and bull trend line. We see two trading opportunities in this case, the immediate short to these support levels and the following CTL break for a long play back to the 133 handle.
Note: we note Friday's daily close is a bull pin bar (closed bearish), this typically signals a reversal and as such, we will be keeping a close eye on PA on Monday for gapping and early week direction.
Macro risk:
Euro
- Euro area unemployment rate (1/10)
- Italy Markit/ADACI Manufacturing PMI SEP (1/10)
- Germany Markit Manufacturing PMI Final SEP (1/10)
- Euro area Markit Manufacturing PMI Final SEP (1/10)
Japan
- Tankan Large Manufacturers Index Q3 (1/10)
- Consumer Confidence (2/10)
#100daysoftrading
Subsequent to price rejecting the 133 handle (bear engulfing PA), price aims toward the immediate 131 zone of support and bull trend line. We see two trading opportunities in this case, the immediate short to these support levels and the following CTL break for a long play back to the 133 handle.
Note: we note Friday's daily close is a bull pin bar (closed bearish), this typically signals a reversal and as such, we will be keeping a close eye on PA on Monday for gapping and early week direction.
Macro risk:
Euro
- Euro area unemployment rate (1/10)
- Italy Markit/ADACI Manufacturing PMI SEP (1/10)
- Germany Markit Manufacturing PMI Final SEP (1/10)
- Euro area Markit Manufacturing PMI Final SEP (1/10)
Japan
- Tankan Large Manufacturers Index Q3 (1/10)
- Consumer Confidence (2/10)
#100daysoftrading