Trading Outlook for the EURJPY and EURUSD
by the Savvy Trader
EURUSD AND USDJPY – Combine the two majors and one gets: EURJPY
And once again a long-term view can produce a shorter timeframe trade
Back in 2008 this cross peaked at 170 and again this year we had therefore a 16-year timeframe double top
Note the 130 over under level
Extrapolate back to USDJPY and we get my previously mentioned campaign target levels of 132-128
So, for those that wish to trade EURUSD you can therefore run the calculation back from JPY and see that EURUSD is unlikely to really trend and more likely to remain in a consolidation pattern which is great for the ultra-short term pip jockey
The contents of this article were from an email sent to me by a long time, highly respected Global-View member who I have nicknamed the Savvy Trader. The nickname came from a call he made well in advance that the top at USDJPY would be at 160-162 Since then, he has been kind enough to share his on USDJPY updates in a series of emails, which we have posted in our blog.
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