EURJPY: Breaking key trendline at 159, looking to target 150 next

EURJPY broke a key trendline drawn from mid 2005 at 159 and now downside targetting 150 from here. Risk carry trades unwinding is forcing this pair down.

Eventually a more lower level that EURJPY could reach is 141-142. At this level, I shudder to think how much the equity markets could have fallen by then.

GBP: Sell into rally

Looking at the above GBP chart, the weekly uptrend channel was broken and downside is actually 1.92 from here. Currently holding up well above the 2005 high support line near 1.95, any rally in GBP near term will be a good chance to sell and target 1.92 eventually.

Gold hits 900 as per my prediction

Three weeks on, I look at gold chart and indeed, it has hit the USD 900 that I have predicted on the firm breakout of the triangle formation.

The worst thing thing being a trader is to have a good set up and miss the trade altogether. It is a whopping 9.1% to be made from the move from 825 to 900 and unfortunately, I did not put on the trade due to the some stupid reasons which I won't reveal right now.

Right now, it looks like it is going higher. There is slight divergence and I will wait for pullbacks to establish long positions again.

Till then, have a good week.