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All about JPY crosses
Hi All,
I am quite new here though i have posted a lot in other forums. This thread will be used for discussion, S and R about the JPY crosses namely USDJPY,EURJPY and GBPJPY.
As you might know, these 3 are some of the most volatile currency pairs which can make or break trading careers. So be careful while trading them.
Right, as predicted in my blog yesterday, EJ had a very strong resistance at 166.10 which has now proved to be a double top and hence would be very difficult to break in the near future. A short there would have yielded a nice 50 pips by now.
The crosses have undergone a retracement as of this writing. For the crosses, due to the carry trade, it is always good in the short term atleast to keep buying the dips. So wait for a retracement and buy on dips. More to follow...
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