EURJPY has snapped back in the NY session from what looked like a certain dive in the morning. It was retracing gently to a safer level (for me) after the fireworks earlier. But it has jumped (I’m guessing there’s some news out) and I’ve decided to pull the plug.
Closed EURJPY at 121.65, -95 pips, -8.4%.
The EURUSD short is still open. That pair technically looks bearish and I have confidence in its chart message. The EJ chart right now looks very ambivalent. It could be seen as a consolidation before the downswing continues, or it could be a basing pattern signifying that the down move is over.
It has been a horrible week for me. I have done a lot of self-analysis, trades analysis, soul-searching. The short conclusion is that the sudden yen pair drops late in the NY session after the Italian election really rattled me and threw me off-balance. I made many errors of judgement in the 2-3 days after that, and even today I don’t feel fully ‘balanced’. I will write more about the analysis over the weekend.