Below is one of our trade ideas sent out ahead of the London session today. This trade made a huge profit for our paid subscribers who took it.
USDJPY Looks To Build Up On Price Recovery
USDJPY: The pair followed through higher on Thursday though marginally. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards its range top at the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, USDJPY looks to build up on price recovery triggered from the 115.98 level.
Strategy: Buy at 118.73, Stop loss at 118.04, Price target at 119.73 & 120.20
The trade fired up strongly meeting our 2 price targets at 119.73 & 120.20 and even exceeding it. With the rejection candles/pin bars, the recovery from 115.95 level looked to extend.
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