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Long

USD/JPY forms morning star pattern in daily chart,targets 124.40

FX:USDJPY   U.S. Dollar/Japanese Yen
484 6 10
Candle stick pattern- Morning star

USD/JPY             has recovered from the low of 120.45 and jumped till 122.86. It's major resistance is around 122.90 (20 day MA) and break above confirms further bullishness till 123.70/124.40.

On the downside minor support is around 122.30 and break below will target 121.60/121.30 level.

Overall trend reversal only below 120.30.

It is good to buy at dips around 122.40-50 with SL around 121.60 for the TP of 123.40/124.35.

Related Ideas

crackit
a year ago
Hi, Could you explain to a newbie please, what is the morning star pattern?
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Harindu_5 crackit
a year ago
Please follow the link "http://www.babypips.com"
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yujingr
a year ago
124.07 might a better target, my opinion.
Reply
crackit
a year ago
Thanks.
Reply
Good job. Thank you
Reply
Harindu_5
a year ago
Great work...Thankzz
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