USDJPY continues to back off from its latest trip to the .618 Fib…
…while CL provides the cover. As of this morning, however, the cover is flagging.
Yesterday’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.
The inflection point is quite telling.
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