EUR/JPY 127.00 ‘s Vs USD/CAD 1.2700’s. Showdown and equally USD/CAD and EUR/JPY turn into overnight Winners.
USD/CAD opened the week at 1.2684 and EUR/JPY at 127.03. Kissing cousins at this phase but we also know from extensive phrase targets USD/CAD is supported at 1.2584 and as posted yesterday, EUR/JPY was overbought and heading reduced.
The week commenced with a separation of 19 pips or a 9 pip ordinary. This signifies 1.2693 and 126.93 represents the crossover issue. Poor quantity for 9 since its an uneven and suggests 1/2 is 4.5. Pips make any difference as does entry and targets.
So considerably USD/CAD traded +72 pips above 1.2693 to 1.2765. EUR/JPY traded to 126.76 lows or 17 pips. Each trades profited 89 pips. Understandng is 1/2 the fight.
How about charts. Incredibly slow and non responsive to the crossover. Charts will not ever aid in trading. Traders will usually be late to entries and god only knows in regards to targets. By the time most enter trades, we entered very long right before and are currently in earnings.
The ideal char to mirror an early warning to EUR/JPY and USD/CAD is underneath from January 6 to 10 or a 4 working day chart. EUR/JPY was at a best and USD/CAD at bottoms. The real crossover will mirror now at 10 am EST with the ECB. Too late.