This pair has run hard. Given that major indices around the world are looking particularly heavy, risk aversion should be at the forefront of traders minds. It seems likely that this is an area for a significant pullback into the 159.20 handle, according to my EQT support and resistance system. I wont be shorting this pair considering how strong it's been and the carry you're gonna have to eat.. there's probably more value in shorting USDJPY @ 120/125 (but that's another chart)
I will however be looking to add major long positions in the 160 area and progressively as we go for a multi year bull market which I project to reach culmination in the 247.50 area.. possibly even more, given the steep nature of this trend line. As we know markets often have the tendency to overshoot!
I will however be looking to add major long positions in the 160 area and progressively as we go for a multi year bull market which I project to reach culmination in the 247.50 area.. possibly even more, given the steep nature of this trend line. As we know markets often have the tendency to overshoot!