Closed out EURUSD long; currently short USDJPY

I’ve been trading the negative correlation existing between the EURUSD and USDJPY pairs. If you notice, the upticks in EURUSD is countered by the down ticks of the USDJPY pair. 

I closed off the EURUSD long as it retests the opening high’s. Given the bearish sentiment surrounding the Greece austerity measures, I left this trade to the short term.

EURUSD 15-Minute
EURUSD 15-Minute

Given this fresh (possible) resistance zone, I closed off my long position off of the trend line earlier. On the other side, I opened a short position on the USDJPY pair. I mentioned in my earlier post of the downwards channel currently forming on this pair. You can view the whole channel in my earlier post. Here is a closer up look on the current pair.

USDJPY 1-Hour
USDJPY 1-Hour

This supply zone seems to be holding up. While it isn’t fresh, there is still a trade to be made on this pair off of this zone. The bullish green candle you see there overlapping the the series of bearish candles is actually a long upper tail. This further suggests a lack of buying pressure as price failed to push higher. With these reasons combined, I sold off this pair. I would not be targeting a take profit to the lower boundary. Realistically, it would be more along the in-between trend line that I have drawn.

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