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Yen crosses are rallying nicely in the last few days since the S&P500 turned up last week. We can see a very tight correlation between these two markets where structures on both suggest more upside.

For FX traders, EURJPY will definitely be interesting for longs as the pair rallied in five waves from the lows. However, patient traders will wait on pullbacks before they may look to get involved on the bullish side. An ideal scenario would be a three wave set-back to 138.10-138.90 area before the market turns up for wave C.

Full details in our video below:

Further reading:  EUR/USD: Trading the German Preliminary GDP