USDJPY: Exit Short as Positioning Hints Gains Ahead
Strategy: Exit Short
Weekly Profit / Loss: +12 pips
Total Profit / Loss: +90 pips
We sold USDJPY at 90.14. Prices have now put in a Bullish Engulfing at 88.54, a horizontal support level, hinting that a bullish reversal may be ahead. We will play it safe and exit the short position here, booking some profits and taking to the sidelines to see how price action plays out from here before reassessing our bias going forward.
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