Eddie Tofpik – Head of FX at ADM Investor Services – joined Nick Batsford and Zak Mir on Tip TV to give his outlook for the Euro, and where he stands on the USD/JPY.
Euro building towards a downward break?
Tofpik believes that the somewhat bearish nature of the current flag pattern on the euro could betray a likely break to the low side. However Zak Mir believes it could be a false signal, as previous bear flags for the euro have been misleading and given the currency a boost.
Don’t trust USD/JPY reversals.
Mir believes that the dollar-yen is a much better market to invest in at the moment, although Tofpik the key reversals can’t always be trusted. With volatility stalling, he believes there could be an opportunity for options plays, with resistance at the 120.70-120.80 level.
