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
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Exit with 65 pips profit
Comment
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Comments
RaviRavs
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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?
Terence_FX
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@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.