The Yen has been facing weakness against all the other major currency crosses. The dollar index has been plunging yet the USD/JPY pair has not really moved, which is very unusual and shows the currencies weakness. The pound, on the other hand, has been on a tear lately mostly due to the positive outlook on the UK.
Price action on the appear has just crossed the 20 MA showing the momentum in the cross. The RSI is above 50 and it's about to cross over the 38.2% retracement line which has served as a major resistance area. Breaking this area should clear the upside as there is not any major resistance until the 147.90 area. You can add onto the position at 146.80. Price should attempt to break that resistance area
Price action on the appear has just crossed the 20 MA showing the momentum in the cross. The RSI is above 50 and it's about to cross over the 38.2% retracement line which has served as a major resistance area. Breaking this area should clear the upside as there is not any major resistance until the 147.90 area. You can add onto the position at 146.80. Price should attempt to break that resistance area
Trade Details
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Risk/Reward Ratio
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2.5:1
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Entry
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145.50
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Target
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148
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Stop Price
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144.50
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Disclaimer: These just trade ideas these are not RECOMMENDATIONS.
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