After showing a glimmer of a bullish correction yesterday on the heels of a dramatic drop, the yen crosses (including EUR/JPY, GBP/JPY, CHF/JPY, AUD/JPY, and CAD/JPY) appear to have resumed their bearish stance today, and seem poised to continue in the direction of yen dominance. A true bearish continuation of the recent trendline breakdowns that occurred on all of these yen crosses, however, would only be confirmed if prices drop below the following levels:
EUR/JPY: 127.00
GBP/JPY: 146.72
CHF/JPY: 83.91
AUD/JPY: 70.92
CAD/JPY: 78.50
- James Chen, CTA, CMT
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It is interesting to see this continuation. How deep do you think GBP and EUR would go short?
Hi Pat,
Thanks for visiting! The bearish continuations have not yet occurred, as this week has begun with continued consolidation. Still waiting to see if those levels will be breached to the downside in any significant manner. Thanks, Pat!
- James Chen