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93.50 and 92.50 Possible Short Term Targets for USDJPY
It's possible that the pair will print 93.50 in the next 24 hours. 92.50 is less likely but any further weakness should meet stiff  Resistance there. The only trade I have open is a return to 97.88 so I won't be looking forward to further weakness. I may however take the opportunity to take one more long position.
Holding Above Support EURGBP May Be Headed Higher
Grinding steadily higher, EURGBP takes on a wandering tone as price hangs above support. The top resistance line will came back into focus if the support line holds. I'll be looking for long trades on bounces off the red support line, or a break of .8700.
EURJPY Falls Before Resistance
Since the fall from the Daily High at 134.74, the pair has been unable to regain it's footing to take on the resistance line drawn below. I expect there to be a serious test of that line. I also expect the last black candle to be filled. It's bottom is 131.37. I didn't enter that trade when it first happened waiting instead to short a failure of the line. That didn't happen so I will consider entering if price gets back to 132.80
EURCHF Closes Candle Trade for a Small Profit
The trade created last night at 10:00 PM closed before 4 AM with a small profit. The candle was actually only 17 points total, my entry was a bit further away at 1.5217 and I had my exit set up 20 points to the south. The trade was opened and closed with 20.62 points in profit. (Past results are not necessarily indicative of future results)
USDCAD Solid Close Below 61.8%, Further Losses May Be in Store
With today's close at 1.1055, price is firmly below the 61.8% Retracement line of the move from 1.0795 to 1.1723. This brings further top side into question and increases the chance that parity will be seen again. The real test will be the fragile state of recovery in Canada and whether the BoC will allow that much appreciation, before stepping in with some easing of their own, that they have been so reluctant to produce in the past.
NZDUSD Approaching Critical Top
If the pair can't get through .6592 then the bottom side may come back into play and .6400/6200 Range will continue to hold. This area reminds me of last summer’s move to new highs when the EURUSD created a second all time high and then crashed. Not that this is an all time high but the formation is similar, with that small trough in the middle. I would be leery of a break out at this point, and would only trade a retest of resistance as support.
USDCHF Breaks below support.
This latest break below the daily support is definitely deceiving. I think the more important support line is drawn off the lows from 12/29/08 and 06/02/09. Price actually bounced from this support line today. With the USD on the precipice, shorts on break here may lead to 1.0370 and parity further below.
Sounds like a bad joke
8911.11 high from June 11th must come under pressure if the index is going to get higher. A Double Top here may spell disaster for the index and bring up the bottom of the v-shape from earlier. Last Friday I put up two numbers that may play a key role in the coming weeks. Those of you that follow regularly will know the black candle set ups I like, and one of them is now set on the index for a retracement to the 8336 area. Two months ago when I was calling for 8200 to print I was using the black candle set up for that, and it did print.
There are also 4 new trades I am in that opened up over night. NZDUSD shorts for .6480 and .6452, GBPCHF short for 1.7604, AUDUSD short for .8028 and USDCAD long for 1.1143. I'll go into more detail on each trade throughout the day.
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