Thanks for the heads up Clay. I don't have a question re: this pair but I do on the Pound/Dollar.
In your analysis with the last two COT posts you mentioned another push higher as likely. Are you thinking as high as 1.6520 which is the 127 fib.ext. from the 50% retracement? Daily chart. Thanks.
Best regards,
Wilf
To: openfx@yahoogroups.com
From: clay@claymarafiote.com
Date: Tue, 1 Mar 2011 09:49:28 -0700
Subject: [OpenFX] EURJPY: A Buy? [1 Attachment]
[Attachment(s) from clay@claymarafiote.com included below]
Hi Traders,
Is the Carry Trade back? For those who have been trading for more than five years, you might remember how the EURJPY and GBPJPY performed in this trade. In a word, it was "good". The attached chart shows how the EURJPY completed a long move down (Elliott 5 waves) and has broken a key trendline. As a longer term play, one might to consider buying this pair as it retraces part of the downside move.
Just a heads up. If you have questions, feel free to ask!
Cheers,
Clay
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