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Yenpairs

EURJPY going up up up!EURJYP and the others mayor pairs against the JPY have broken the downtrend from 2008. EURJPY is forming a bullish flag and is highly probable that the price breaks out and continues its uptrend. I marked up the resistance levels to take partial profits. I'm planning to hold this trade for months since is a high timeframe but with big moves. If the price breaks out the resistance levels in the weekly timeframe I will add to my position. Is the price drops back down to the triangle area and closes in the weekly timeframe within it, the trade is invalid. The double bottom is pushing the price to the upside. Is going to be a choppy ride but the risk reward is worth it.
Long
by ArturoL
USD/JPY Technicals Show Chance for Major Move Lower The Japanese Yen strengthened against the US Dollar for a second week, with USD/JPY slicing below its 50-day Simple Moving Average (SMA) in the process. This comes after the pair rose to its highest level since January 2017 earlier this month. The formation of a Bearish Engulfing Candlestick on the weekly chart sent a signal to Yen bulls last week. That, along with rejection from the 61.8% Fibonacci retracement, highlighted a strong level of resistance. The Relative Strength Index (RSI) is also showing some bearish divergence (highlighted by the red line in the chart). Altogether, it looks like USD/JPY could be at the start of a longer-term downtrend. If so, a drop to the 38.2% Fib at 109.26 may be on the cards.
Short
by Thomaswestw
GBP/JPY SELLif you look at CHART on the circle where the heart is, you will notice there is also a buyers trap because it wicked back 40 pips that was the highest point the market went recently. then you can see the next 2 days it came up and it never hit that highest point again. then it got exhausted at 148.984 and it just dropped. it has been a lot of sellers at the current level in the past to. and you must remember the market repeats it self so we do not trade the future we trade the past. Market looks it can drop from here considering the bears look like they are in control. 146.988 is take profit
by MR_XAU