UPDATE as 02.22 While the EURUSD strength delayed reaction even after the EURO group's successful deal, it is only now that the market has gained interest due to most traders were actually back from the US President's day holiday schedule. The USDJPY's price acceleration to 80.28 high have indeed given the EURJPY the fuel to reach its 1st initial objective stated above at 106.31 high as of this writing. There is no actual straight price rally unless enough volumes and fresh risk appetite positions are initiated by renew institutional coming to the market. The only danger that may subsequently arise is a probable formation of candle bars on a day to day basis that may lead to an island formation for a major corrective move supported by some fundamental reason. But for now we do not anticipate one. However, such moves lower would enable us to improve our trailing orders for protective strategies & would be booking the gains accumulated since February 2, 2012. Although, leaving a small number of units to be risked whenever the 2nd leg higher would resume.
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