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EUR/JPY Trading Within Itself

By Benny Nardino | March 26, 2008

Euro-Yen, EUR/JPY trading within itself since the open from holiday yesterday. Today’s morning action was a whipsaw which lacked directional aftermounth.

The cross has vaccillated between 38.8 and the 50.0% pivot lines on the Fibo all morning since the 9.am spike.

I was taken out from my long position by the whipsaw at 156.06 this morning with an entry of 156.46. I lost -40 pips.

However, I have since taken a new long position at 156.13 and just adjusted my stop to 156.30 locking in a few pips for today’s trade. I am still looking to see possibly 156.66/80 range. I expect a bit of ation around here if this trend continues.

All other pairs seem to be doing fine though.

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