JPY Intervention is the Main Theme Today; EURUSD Breaking Above 1.40

Quote of the day: “Endless money forms the sinews of war.” - Marcus Tullius Cicero

EURUSD – 1.4086 @08:00 GMT

Good morning. The euro is trading comfortably into the 1.4 region but the real show takes place elsewhere: the JPY charts on news that G-7 is intervening to weaken the Japanese yen. The EURJPY is up 440 points today, GBPJPY is up 500 points and the USDJPY is up 280 points from today’s open price – above recent support at 80.00 and 81.00, currently testing the trendline which is connecting previous higher lows from October 31 to March 1. My plan to buy EURUSD at 1.3995 on the possible breakout was good and I don’t see any reason to close the position yet – will do it if the euro returns into the 1.39 region, around break-even point.

Trading strategy: holding long at 1.3995, target open

Support: 1.400, 1.3930/50, 1.3900 and 1.3850
Resistance: 1.4100, 1.4200 and 1.4260
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

USDJPY

EURJPY

Have a great day

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Post tags: EURJPY, EURUSD, G7, GBPJPY, Japan, market interventions, USDJPY