When everyone is seemingly on one side of a trade and the market starts going the other way, then we are being told something! All of the fundamental signals are really bearish for EUR/JPY and every bank analyst that I’ve read in the last two days is super bearish on the pair. So why are we edging higher?
Well, who cares, as long as its moving! The market is telling me that, for now at lest, it wants to go higher.
The market is currently trading around 139.20. I favour buying intraday dips for a move towards 140.50.
After that, we can possibly revert to the fundamental bearish trade but let’s wait and see what it looks like when we get there.
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