Complex topping pattern appears to be taking shape. Not a huge move implied, really, but if this pair is to ever breakout higher as anticipated by many -- it's time to get that show on the road. This isn't what you want to see if you're longer-term bullish
. The best trade here is probably the one from the sidelines for now. If you have a long bias based on "fundamental" CB
chatter of "Abe-nomics" -- price action has been saying not enough is being done to keep the Yen from strengthening further ($Y pair lower) in the world central bank
currency debasing battle royale. Abe
needs a much bigger catalyst to set that trade into motion. A few hours ago, I opened a short for a scalp with very tight stops. Quick trade -- not a thesis. Good luck out there!