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Short

USDJPY TO CONTINUE LOWER

FX:USDJPY   U.S. Dollar / Japanese Yen
24 0 1
THIS PAIR LAST WEEK GAVE A NICE PROFIT TO THE UPSIDE, BUT THE PRICE HAS FAILED TO CONVINCE US TO REMAIN BULLISH .
wE HAVE KEY RECENT PRICE POINT IN THIS PAIR THAT WE INTERESTED IN TRADING BEFORE FOMC AND AFTER.
121.97 IS A STRUCTURE THAT HAS BEEN BREACHED BELOW TWICE; WHICH IS A STRONG INDICATION THAT PRICES ARE HEADING LOWER.
120.77 IS SELL POINT CREATED BY THE STRUCTURE, THIS PRICE AS WE CAN SEE ON THE CHART WAS CLEARED WITH NO FUSS YESTERDAY.
OUR FOCUS IS NOW FIRMLY ON SHORTING THIS PAIR AS LONG AS PRICE REMAIN BELOW THE STRUCTURE 121.97.
ANOTHER CHANCE TO ADD TO SHORT CAN BE FOUND @ 120.15
fOR THIS TRADE WE WILL USE THE STRUCTURE 120.97 AS THE STOP LOSS.
fIRST TARGET: 119.60
SECOND TARGET 118.08
GLT            
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