FX Today's Trade Strategy 10/11

EURUSD Euro Dollar

・Yesterday's Trade

Yesterday I shorted as it broke out of the range that had been squeezing through the week’s low.

I expected it to drop to 0.9650, but it formed a bottom before that, so I exited. +17 pips

・Market Environment and Today's Strategy

It is in a consolidation after the upward wave since two weeks ago.

If it breaks above last week’s low, I would view it as a trend change.

Today I’m watching price action from 0.970 to around last week’s low at 0.9726.

If it breaks below yesterday’s low, I would see the downtrend as continuing.

USDJPY Dollar/Yen

・Yesterday's Trade

Yesterday, during Tokyo time, it rose by breaking above last week’s high of 145.44.

With last month’s high at 145.90 nearby, there was no trade.

・Market Environment and Today's Strategy

Buying interest appears strong, but last month’s high of 145.90 is looming ahead.

This rate is a level often watched just before intervention from three weeks ago.

It seems likely to remain in a wait-and-see mode for a while.

If it strongly reverses at last month’s high, I would consider shorting.