We are watching the CCI on our 240 chart.
EUR/JPY ran straight up and bumped into the trendline which used to be support, now is resistance.
Will be looking to short on the next hour's bar, making sure the CCI line stays below the red trendline (see blue arrow below).
Cautious short, since we are at a pivotal decision area with regards to large time frame CCI setup.
Will be scaling in if they continue pushing it upwards, and ready to reverse long if they blast back up and over our 240 CCI trendline.
Remember there is Greece news looming...
EUR/JPY ran straight up and bumped into the trendline which used to be support, now is resistance.
Will be looking to short on the next hour's bar, making sure the CCI line stays below the red trendline (see blue arrow below).
Cautious short, since we are at a pivotal decision area with regards to large time frame CCI setup.
Will be scaling in if they continue pushing it upwards, and ready to reverse long if they blast back up and over our 240 CCI trendline.
Remember there is Greece news looming...