Planning EURJPY IF there's a news spike. The JPY interest rates come out soon and this might cause a big move in the Yen.
Yen is on major supports and my bias has started to turn from always bearish (via long USDJPY) to feeling rather, potentially, bullish on the Yen.
Something I'd love to see for a trade entry would be a massive move into the resistance levels on the news. Maybe some bad news for JPY and JPY crashes.
That's the sort of thing that usually happens in currency reversals.
I don't have any positions on in Yen trades heading into the news. It's too much of a punt. But I plan to be active after it. Following a Yen rally or fading a crash if it hits my predetermined levels.
It's possible JPY could make a low in the crash move it has been in. While this is still very much contingent on what happens at support, the amount of money that could be made in XXXJPY shorts if this did happen is so extreme it seem wise to plan for it. Just in case.
