Archived IMT (2011.03.18)
What about EURJPY? With Japan announcing joined intervention mainly to support USDJPY, it is worth looking at EURJPY. EURUSD is finally responding positively to the intervention (as predicted in prior IMT) nearing 1.4070s and potentially onto the 1.4120s target. The KEY QUESTION NOW, is whether the unfolding risk appetite in FX resulting from intervention will kick into a sustainable bounce in equities and prevent key US indices from closing below their 55-day MAs. Recall, EURJPY longs was among the top 6 trades selected in my Jan 23 seminar and Workbook presented at last months Traders Expo in NY. The rationale of that trade was based on an improving likelihood for EURJPY to breakout of its 12-month 106-115 consolidation, with a hawkish ECB and post-fiscal year yen weakness. AUDUSD faces pressure at the 0.9980 trendline, USDCAD vulnerable 0.9760 and USDCHF capped at 0.9130. ASHRAFLAIDI.com will have a BOOTH AT THE LONDON TRADERS EXPO on April 8-9, 2011. Ashraf will conduct On-Booth Presentations, present a 1-hour seminar (Apr 9 14:30-15:30) and moderate a currency panel among 3 FX analysts. Register Free here: http://bit.ly/faq2Js First 20 visitors to the booth will obtain 2 free weeks to Ashrafs upcoming Premium FX Service.
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