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Short-term Trading Idea FX USD/JPY – Bull Speculation: Recoil from Support

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Trading opportunities for currency pair: the USD/JPY has broken from the 118.40 support. A strengthening of the dollar to 120.60 and 121.60 can be expected using the pinbar model. Background On 2nd February, 2015 the USD/JPY was trading in a 117.20-118.80 range for a few days. I was expecting growth to 118.42. After a fall to 116.87, the bears ended up in a bull trap. By the end of the week, the target was reached. Current situation On 24th August the Japanese yen strengthened significantly.

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