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LelioFX
May 17, 2017 8:53 PM

Sell after support break. 

U.S. Dollar/Japanese YenFXCM

Description

There is a well defined support and resistance zone from 115.50 to 112.00.

The USDJPY printed a strong bearish candle with its close price well below that zone. So, a move towards the 108.00 is possible, however the pair may find some buying pressure/take profit around 110.00.

I entered this trade at 110.88, stop at 112.50, take profit at 108.50.

A close above the 112.00 will negate this view.

Trade closed manually

Given the lack of follow-through after the breakout and the persistent Yen weakness across the board, I decided to close the trade at 111.90 for a loss.
Comments
LelioFX
Editing:
Support / resistance zone: 111.50 - 112.00.
TradZ
Should have been selling ;)
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