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USDJPY Price Action – Breaks ST Base, Forms Pin Bar At Support

Published 12/31/2014, 12:45 AM
Updated 05/14/2017, 06:45 AM
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USDJPY – Breaks ST Base, Forms Pin Bar & Support (4hr chart)
After breaking the ST double bottom and base from the last two days, the USDJPY sold off heavily today, along with the Nikkei. Intra-day the pair found bids holding the line at 119, eventually forming a pin bar at support there.

Bulls wanting to get long should look for pullbacks into the support level with tight stops below. Upside targets would be 120 and 120.50 while a break below 118.75 opens up a lot more downside, potentially a move to 116.

usdjpy

Also in our member trade setups commentary today, we cover the EURUSD, USDCAD & WTI. Click here to become a member.

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