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RaynLim
May 21, 2023 4:44 PM

It's Merely a Retracement Long

U.S. Dollar/Japanese YenFXCM

Description

In a world where media and forums express bearish sentiments towards USDJPY, my unwavering bullish stance may have caught your attention. While others see a bearish retracement, I invite you to see the bigger picture.

Take a glance at the weekly chart on the right, and you'll witness the bearish movement as nothing more than a mere retracement of the monumental US dollar skyrocketing trend I accurately predicted on 14th October 2021. It is this understanding that fuels my anticipation for an imminent buying opportunity.

My attention is fixed on the 1-hourly chart on the left, where the market is poised to retest the crucial level of 137.46. This critical juncture presents the ideal scenario for a potential buying opportunity, perfectly aligning with the formation of a Bullish Bat Pattern.

While others succumb to pessimism, I see the hidden potential for USDJPY to surge once again.
Comments
EricNyamu
you better wait for a confirmation that its a valid support.
RaynLim
@EricNyamu, yeap, first target reached 137.96, target 1, 45pips(approx. 450usd/lot)
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