Before a strong NFP expected this Friday, It feels  everybody in the same boat and long USDJPY with with US spreads suggesting higher in addition to new financial year in Japan which may bring JPY selling from local players.

I do not think it breaks higher right away before NFP due to market positioning in addition overnight developments in risk sentiment.  Spain and France 5yCDS s are 6% higher since yesterday and that will bring extra pressure to XXX-JPY with risk aversion in place and that may limit the topside in USJDPY.

There is also two major resistances on 93 handle.  55 weeks SMAVG at 93.12,  weekly horizontal resistance  at 93.55 and daily bullish trend channel topside at 93.53.

I think there is a risk of short term longs getting stopped out before marching north and pullback may take USDJPY back to 92.15-92.35 area.

Short USDJPY between 93.25-93.50, tight SL at 93.75 and target 92.25 on the downside. ( spot ref. 93.25)

CHFJPY trades at 87.30 at the moment while having 200 days SMAVG at 87.31 vs. 61.8% retrace of 91.04 to 81.78 drop at 87.50. Daily oscillators showing the strong momentum but also reaching to the exhaustion.

Short CHFJPY between 87.30-87.50 with a tigth SL at 87.80, target 86.40 on the downside for a quick squeeze.  If horizontal support at 86.30 breaks, there is a major risk of  testing 85.30 in a faster pace.

Galatasaray 0 -1 Fenerbahce

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After using HTC Hero for 6 months, I returned to Iphone to avoid fat-finger mistakes while typing and taking advantage of jailbroken softwares. This is the first post via iPhone, let’s see how it comes up on the website..

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Very interesting 240 mins. bearish trend channel test at the moment in EURJPY ( 123.75 spot ref ).

With positive trading of commodities and equities,  AUD, NZD and CAD still trade positive and USD/EM holding grounds which suggest the risk appetite is still in the market despite the decoupling of EUR on the back of German-Greek-IMF triangle overnight.

Buy  EURJPY at 123.65-85 and more at 123.35 with a tight SL at 123.10, target 125.30 and 126.45 on the topside.