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EUR/JPY

EUR/JPY

Thomas Long, Course Instructor

This 4-hour chart shows a rally up to a resistance level which was lower than the previous high and a reversal. Confirmation of that reversal would be a move down through the 109.135 low as noted on the chart. Traders could sell on a break down through support and place their protective buy stop above the 112.62 high. Target to take profit should be set at twice that risk for a 1:2 risk:reward ratio.

eurjpy 0712

 

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