Thursday, 20 October 2011

Trade Update EURJPY - Short 107.35

EURJPY short at 107.35 was invalidated by a break of the original bat's C point.

We now have the possiblity of a Gartley at 107.05 which is also a QM level, but without broken trend line resistance. I feel it is more likely that the Gartley will fail and we trade up to the Crab level of 109.40, where trend line resistance kicks in.

Quite a bearish read on the yen, so lets see how it pans out.