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Just some thoughts and charts as we look to start the new trading week:
EUR/JPY - while EUR/JPY seems set to break to new highs, we need to remind ourselves that we have been here before on several occasions in the last few weeks. We suspect we simply see more of the prolonged trading range of 150.40 - 149.20.
A 'show me' approach to this cross is needed for us before we look to make a trade in it.
GBP/USD - a possible short set-up - lot's of overhead resistance.
USD/JPY - looking to get long on any pull-backs into support at 117.60
with a 30-40 pip stop-loss - upside targets at 118.25-40
Short-Term Reversal Levels (STRL’s):
valid through 11/6 at 22:00 GMT
As always, feel free to send me your comments and questions.
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Dave Floyd is a professional FX and stock trader based in Bend, OR and the President of Aspen Trading Group. Dave's approach to FX combines technical and fundamental analysis that results in trades that fall into the swing trading time frame of several hours to several days. For a free trial to Dave Floyd's Daily Forex Alerts click here or call 888.484.8220 ext. 1.
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