I'm still bearish on the JPY, based on the recent daily charts of the various JPY crosses. Tonight I've entered a long position in EUR/JPY. Recent price action on the daily chart shows the pair bouncing off of the rising trendline on the daily chart at a level that has served as an area of support and resistance in the past.
Take a look at the daily chart below. The red circles indicate some times in the past when this price level has been tested, both from above and from below. The past couple of days seem to indicate that this area will hold as support and the pair will continue higher.
So I'm long from 128.088. We'll find out this week if I'm right.
- Long Entry: 128.088
- Initial Stoploss: 125.650
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