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MarcoJarquin
Jun 24, 2019 4:38 AM

Long on USDJPY Long

U.S. Dollar/Japanese YenFXCM

Description

A symmetrical triangle (ST) is observed in the monthly chart, shown partially in this chart with lines A and E. Lines B and C describe a downtrend channel tested 4 times in the lower limit and 5 times in the upper one. External divergence observed in RSI @H4 and MACD between points W and Z. TP set at confluence point of Fibo levels 23 (wave X-Z) and 78 (wave Y-Z). SL set below confluence points line E (ST’s lower limit) and wave Y-Z’s Fibo -27%. Even though this is conceived as a close to 100 pip trade, I'd expect price to at least reach the upper limit, considering the strong divergences described above.
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