As usual, it is important to identify the strongest and weakest currency whenever we wish to enter a position. During London session, EUR started to strengthen against JPY which has been weak for some time since the Asian session. Hence, the logical position to take is long EURJPY .
Trade closed manually:
Exit with 65 pips profit
Comment:
do you think there will be a pull back with the JPY recovering at all? Or is teh trend too strong and will continue to be bullish over the next week?
Reply
@RaviRavs, I will continue to assume it will be weak until the direction changes.For instance, if XXXJPY pairs were to break to the down side on a uptrend channel. Alternatively, GBPJPY might be a good pair to focus on since EURJPY is already overbought.
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