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FWIW, the trend is still in place on both the above pairs so I'm rather hoping that you changed your mind about the EUR/JPY and went with it. I know it can be difficult to comprehend that a trend will continue when it is seen as already having gone quite far but such in the nature of trends in general that selling Yen was the only trade to make.
There is one small caveat of note here: Today, DailyFX.com reported exactly what I had already mentioned to you about extreme positioning of longs on the Yen and how some see this as a contrarian play. I believe that this is being born out in the price action in USD/JPY through it's limited range already seen once this month at 115-116 and now at 116-117. Although a break higher can certainly not be ruled out, this extreme posiitoning may not only limit further gains but in fact may being starting to attact USD$ sellers. As such, my stop is now a stop and reverse which is following the pink trendline shown in the attached chart:  Note also that threatening bearish divergence between price action and momentum is evident on daily charts, but weakness below 114.61, the low from Oct 25 is necessary for confirmation that would more objectively define a high and provoke a larger-degree setback with respect to the advance from 108.76. However, in lieu of 114.61 price action and certainly while Oct 26's 116.24 former resistance level remains intact, the trend remains bullish, with scope for extended gains towards the reactionary high from Sep 8, 2003 at 117.74, but with scope for 118.43, the 50% retracement of the 135.18 to 101.67 decline thereafter. PS I often find that when a trader has posted his posiiton in the public domain, stubbon mindedness will prevent him from changing that view. It's fine (read necessary) to change one's mind but never the case to trade against trend. In that respect, there are not tops or bottoms to call - ever.
Forex Trading
November 2005
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