Thursday, July 4, 2013

USDJPY Analysis


Daily timeframe shown that price moved pass through RBS area and perhaps moving to the next resistance indicating uptrend.


On H4 timeframe, a pin bar has formed at the confluences of trendline, major resistance and Fibonacci 61.8%.

I will long with SL 50pips with TP of next resistance (also confluent with Fibo 161.8%) 250 pips.

Risk Reward Ratio - 1:3

All the best.

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