- EUR/JPY is one pair that I’ve gotten 100% wrong in recent weeks and I haven’t seen this move coming. It has broken above recent trend highs at 134.70 and there is little in the way of decent technical resistance now until 139.00. I don’t understand what’s going on there so I’m leaving it alone.
- EUR/USD has also broken recent trend highs at 1.3715 and could easily see levels near 1.43 before the dominant range-trading bias reasserts itself.
- I remain bearish on EUR/GBP but short-term resistance near .8500 is looking shaky and bears might be better served to withdraw and defend higher levels.
- Much of the EUR buying is coming from China and could continue for a while yet.
