Going into the European open I would encourage you to read (if you haven’t) over the Overview posted for the U.S. close. We are holding the levels mentioned for the USDX and EUR/USD, but prices need to finish up here very soon to keep the structure pointed our way for the very near term. Asia has left us with a weaker JPY pretty much across the board. The best pair I see to exploit this JPY weakness looks to be CAD/JPY. Watch for a move above 82.52 here to push prices further toward 85.00. 81.20 is our line in the sand for the bulls, but ideally 81.75 holds any short-term weakness. The real acceleration higher should occur with a break of a downward trendline presently projected around 83.20. If you’re looking to trade this pair though keep an eye on USOIL (WTI) as prices would need to preferably remain consolidative to higher, but regardless above $95.00. This play sort of goes against our expectations for less appetite for risk-related instruments going forward so watch the critical levels if this scenario interests you.
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