Our USDJPY position was stopped out with a little profit, as the pair came back off later in the trading day with the effects of intervention wearing off. It failed to close above 82.00, so no reason to be bullish yet until it does.
EURUSD longs are doing well, and we're moving stops for half position to 1.4030, just about breakeven, with the rest remaining at 1.3950. Initial target is the 1.4250-00 area, with previous high at 1.4280. Here's a chart for clarity:
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| Stop levels for EURUSD |
We're going long EURGBP when trading starts for the week (see this post), preferably below 0.8750. If it opens higher we'll wait for a pull-back to enter. Stop will be at 0.8610, under last week's low.
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| EURGBP Breaking Out? |
GBPUSD looks pretty strong with recent highs at 1.6350 level attracting. Will be keeping an eye out on this one:
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| More upside for GBPUSD |
It's going to be another interesting week, with events in Libya threatening to escalate into full-scale war and Japan's situation remaining uncertain. BOE minutes are out Wednesday and the EU summit starts on Thursday. Monday's Japanese holiday will also be a real test of efforts to weaken the JPY. That should be enough to keep everyone busy.
Peace
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