EUR/JPY CYCLES UPDATE Part1

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yen crosses trail with 20 pips stop, looks like might reverse soontime.

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CHF JPY can buyback on retraces to 9300 SL 9280 TP1 93.80

EUR JPY can buyback on retraces to 146 40 146 60 SL 146 20 TP1 147 60

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USD CAD

Look like a BUY to me BUY WINDOW 1260-1270 SL 1240 TP1 1.1420.

Elsewhere: AUDUSD got 50-70 pips to the upside before the SHORT setup is triggered.

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Positioning before ECB/BOE/NFP:

The positions got caught in the range at this stage, however since I expect negative results of ECB and further slide on EUR USD prior to NFP on Friday, Id advise to hold positions with indicated stops.

Looking for possible entries post-ECB and NFP, absolute best SELL zone on EURO is 2890-2940, and BUY ZONE is 2440-2520 if we break 2500 and 2550-2590 if the rates fails to break that area.

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PRE-ECB Update:

Nothing much exciting today, doing some ranging action, USD CAD trade was triggered, honour the stops and let's make some money tomorrow!

Now, some fellas are calling EUR USD higher at 2940, so they expect a spike up on ECB release (150 pips). Fair enough, although my fractals point that EUR USD actually should head towards 1 2500 at least and other currencies (CAD JPY CHF AUD) point the same.

Indication that EUR USD is going for 2940 is break above 2855.
Cable needs to hold 8800 for a good reversal towards 8400.

So have your stops in place, trail YEN positions and worst case you are out at breakeven.

Now if the EURO in fact does 2940 that's another good area to take shorts, however I won't take up any positions pre-NFP on friday.

[rufffen]

Hmmm ... I don't feel very confy with the price action I see across the board on all currencies.

Recommended Pre-ECB action: Take profits on Yen crosses, Yen, CHF, EUR CAD.

Close GBP USD with -30 loss. And leave the EURO trade going.

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PRE-ECB notes 2:

If you feel like a bit of risk you can try this two trades:

USD JPY LONG 115.50 TP1 116.80 SL 115.20
EUR USD SHORT 2740 SL 2820 TP1 2560

Im taking some short trades, but you need to manage your own risk profile. GBP USD LOOKS LIKE a 200 PIPS DROP TO ME.

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GBP USD post-ECB/BOE update:

Recommended positions are SHORTS. SELL WINDOW 8900-8940 SL 8960 TP1 8600. High risk / High reward setup.