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Latest impact: EURJPY To Buoy @ Cheapo Price
EURJPY is trading in the air, i.e. being traded this year at highs not seen for the last 24 months. Such trading becomes highly risky as it contains injured rollercoaster waves, even Elliott studies, the “multiple choice with dizzy “if demands”” can’t do the calculations.
Ailing aside the theories, I like to take a different risk by selling 12550 for 12250 where the latter is consider a strong support (only a daily close below it breaks the “strong” notation) and market is expected to buoy. My risk scenario is set once a close above 12700 is triggered – which I believe it will take my stop as yen weakness has no end in sight just yet. However, because the stock markets are taking a different approach next week, just after G20, I challenge towards a very reasonable risk.
Take it or leave it, folks!
Have an enjoyable weekend.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.