Bias was up, with the potential for upper resistance levels to hold, they did on all pairs. The 1hr price action was poor in London morning session and we were able to sell a GU engulfing negative close, intra day lower high in US session.
9 Jan
EUR - D closed negative, lower high currently on the high from 5 Oct 1.3070, below RSI 50 level and below our ma. 4hr flow still on higher high higher low but a negative close on the current candle would flip this over. Already below our ma's and RSI 50 level. 1hr has already flipped over. Bias down.
GU - Essentially the same picture. Bias down, could be some bounces in the support area 1.6000-6030.
EJ - The JPY authorities have done a brilliant job of managing their currency weaker to aid their exports. Whilst a negative close on D from the upper resistance level 115.50, after 5 days failing to go higher, should be sell bias today. 1hr lower high lower low flow has already been broken this morning after an Asian session 90 pip move up. Will watch carefully as I prefer to take fewer risks counter trend with JPY pairs.
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