EUR/JPY trade update

It looks as though referendum is still going ahead on Sunday and the fact that Alexis Tsipras reached out in a letter to the creditors is pure out and out political tactics.

EUR
Source: Bloomberg

He had absolutely no interest at all in securing a deal… he needed to reach out to the voting public and look as though he was offering the largest concessions. The fact it was then rejected by Merkel has won him points with the Greek public and secured his leadership position.

EUR/JPY rallied to ¥137.41, just shy of my suggested stop, but I am back in the money after the concessions were rejected. There is now a nicely pronounced downtrend to follow, but I am keen to take profits on half the position. I feel ¥134.00 is a possible short-term target.

My USD/CAD trade idea went in the right direction, but unfortunately my limit was not filled. A 4% move in crude helped push the pair through the June highs and, if we see a good US payrolls report tonight (market expecting 230,000 jobs to be created), we could see C$1.2800 as a short-term target.

EUR/JPY
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