Charts I’m Watching: Apr 24, 2015

USDJPY continues to back off from its latest trip to the .618 Fib…

2015-04-24 USDJPY SMAs 0620…while CL provides the cover. As of this morning, however, the cover is flagging.

2015-04-24 CL 60 0625Yesterday’s spike to new highs seemed to us overdone and premature.  So, we recommended trying a short position on as a short term trade:

We’d be shorting here at 2118.85, with a target at 2090 and stops at 2125 or so.

We still expect the short to play out, but would keep an eye on CL and USDJPY for any signs of a course correction.

On a related note, EURUSD is getting dangerously close to the red channel top.  It now has a decision to make between resuming its decline or breaking out.

2015-04-24 EURUSD 60 0625The inflection point is quite telling.

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