Despite Europe having a lead over Japan when it comes to vaccination; The unfolding Covid-19 situation and other global events might have its toll on this pair in the coming week as both the European and Japan economy continues to struggle to contain the Covid-19 pandemic.
Tendency: Uptrend ( )
Structure: Breakout | | Channel
Observation: i. Since December 2020, price action has been caught within a channel of ranging between Y126.000/127.000.
ii. A breakout of this channel last week sets a new tone to the trend and might be the continuation of the rally that has gripped this pair since mid-last year.
iii. In the coming week, I shall be looking out for a possible correction which might deep into Y126.400/127.000 area for an opportunity to go long.
Trading plan: BUY confirmation with a minimum potential profit of 140 pips.
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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