EUR/JPY, components all near critical levels
Today could be one of those rare, clarifying moments. You’ve got EUR/JPY within 35 pips of trend highs at 120.73, EUR/USD within 25 pips or so of its trend high at 1.3304 and USD/JPY about a quarter yen below 90.25.
All those levels could come into play as the day wears on. If long, trimming positions on a failure to break looks logical, looking to re-add on pullbacks is the way to play near-term. Don’t ignore break-outs by all three components. That is about as strong a signal as you can get… What ever you do, DO NOT FADE BREAKOUTS in this environment.