Rationale for EUR bearish : 1. Germany coalition talk over the weekend. Failure to agree could lead to new elections. Wolfgang Kubicki, a member of parliament and deputy leader of the liberal Free Democrats (FDP) said the deadline for decision is on Sunday 6pm (before asian open kah tu?).. and he said kalua nada progress.. “talk will be dead” (no signs of agreement will potentially effect bearish EUR) *potential political concerns
Rationale for JPY bullish :
1. Risk off sentiment. Safe Haven
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Price reach the daily pivot. As i said i would not rule this out. Sentiment I am still bearish the Euro. A break 132.500 would invalidate this trading plan
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A slow burn this one! This trading plan still valid. I, a of now, dont have reason to believe the market was not a little worried (the european and u.s traders) about Germany political uncertainty, so I am still bearish the Euro.
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I will scratch this plan as my stance on Bullish Yen has been nullified. Equities market is all up as of now (one of my risk/greed gauge). Doesn't mean Yen will not be bid today but I'd rather a clearer picture and everything aligned.