First time back at these levels so looking for signs of exhaustion in the zone between 116.08 and 116.37.
I tend to scale into these longer term trades over the zone trying to build a bigger position as it proves
valid - this takes time but allows sniffing our way into nice big positions as it pays for itself (and small losses
if it tanks).
Ideally I prefer levels to break and fall back and retest from below after stops were hunted etc and bids dried
up (I call this a 'push-fail') - this usually provides some great momentum as the bull trap is sprung and all those
juicy new stops provide some wind for the sail south... but we work with what we get...
EURJPY -0.15% has been shunting north with the rest of the YEN pairs and helped by strong dollar and weak yen.
We are trying to establish a position around these levels if it starts turning around after the last blow off run
north in both EURUSD -0.21% and USDJPY 0.07% .