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Profit Taken On USD/JPY Short, EUR/USD Bulls Hold Strong

By Wojciech MatysiakForexFeb 14, 2018 10:28AM ET
www.investing.com/analysis/profit-taken-on-usdjpy-short-eurusd-bulls-remain-strong-200290306
Profit Taken On USD/JPY Short, EUR/USD Bulls Hold Strong
By Wojciech Matysiak   |  Feb 14, 2018 10:28AM ET
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US consumer prices rose more than expected in January, with a measure of underlying inflation posting its biggest gain in a year, strengthening expectations the Federal Reserve will have to quicken the pace of interest rate increases this year.

This is what our forex trading strategies look like:

EUR/USD
Trading strategy: Long
Open: 1.2220
Target: 1.2450
Stop-loss: 1.2120
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: We saw a petty reaction to higher-than-expected U.S. CPI data, which suggests that EUR/USD bulls are strong. We are looking for resumption of the bull run with 1.2450 target.
Previous position: Long opened at 1.2050, profit taken at 1.2400, earned: 350 pips, $466 per $10,000 in your account

GBP/USD
Trading strategy: Long
Open: 1.3780
Target: 1.4200
Stop-loss: 1.3670
Recommended size: 1.36 mini lots per $10,000 in your account
Short analysis: Sterling had strengthened on Tuesday after data showed British inflation unexpectedly stayed close to its highest levels in six years in January, firming up our expectations that the Bank of England will raise interest rates again in May. The BoE surprised financial markets last week by indicating that rates could move up faster than previously expected, as the Bank wanted to bring inflation back to its target of two percent within two years rather than three. Today's sterling reaction to U.S. CPI was rather tenuous, which suggests than GBP/USD bulls remain strong.
Previous position: Long opened at 1.3650. Profit taken at 1.4100, earned: 450 pips, $450 per $10,000 in your account

USD/JPY
Trading strategy: Sell
Open: 108.20
Target: -
Stop-loss: 109.70
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: We saw a new trend low of 106.84 today, but subsequent rebound points to supply fade. We are looking to sell on upticks. We left sell order at 108.20.
Previous position: Short opened at 110.00. Profit taken at 107.50, earned: 250 pips, $304 per $10,000 in your account

USD/CAD
Trading strategy: Sell
Open: 1.2650
Target: 1.2300
Stop-loss: 1.2765
Recommended size: 1.68 mini lots per $10,000 account
Short analysis: The price of oil, one of Canada's major exports, fell for a third day, under pressure from concern about rising U.S. production and how much it would hurt efforts by major producers to control global supplies. However, long wick on Friday's candlestick weighs heavily on the market and supports USD/CAD bears.
Previous position: Short opened at 1.2650. Profit taken at 1.2300, earned: 350 pips, $475 per $10,000 in your account

AUD/USD
Trading strategy: Long
Open: 0.7785
Target: 0.8100
Stop-loss: 0.7690
Recommended size: 1.58 mini lots per $10,000 account
Short analysis: We are looking for a bullish hammer today, which would support our long position.
Previous position: Long opened at 0.7670. Profit taken at 0.7990, earned: 320 pips, $480 per $10,000 in your account

EUR/GBP
Trading strategy: Buy
Open: 0.8865
Target: -
Stop-loss: 0.8800
Recommended size: 1.66 mini lots per $10,000 account
Short analysis: 14-day RSI is on the rise but nearing over bought values. We have decided to raise our bid to 0.8865, near 200-dma line.
Previous position: Short opened at 0.8850. Profit taken at 0.8810, earned: 40 pips, $120 pips per $10,000 in your account

Source: MyFXspot.com

Profit Taken On USD/JPY Short, EUR/USD Bulls Hold Strong
 

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Profit Taken On USD/JPY Short, EUR/USD Bulls Hold Strong

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