EUR/JPY Consolidation Presents Scalping Opportunity
The EUR/JPY continues to consolidate following the post NFP volatility. A better than expected labor report sparked a bout of risk appetite and broad based Yen weakness. Concerns have eased over the deficit troubles in Greece, with International Monetary Fund’s Managing Director Dominique Strauss-Kahn believing that it will resolve its debt-crisis without IMF help. However, we haven’t seen continued support for the Euro which could be a sign that markets are awaiting to see what measures European officials and the ECB will take to prevent the issue from re-emerging in other member nations such as Spain and Portugal. The condensed price action and solid support and resistance level may create an ideal scalping environment.
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