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Originally Posted by ramdas
Hello everyone.
I am attaching another chart USD/JPY with comments Pl feel free to post commets. Pl Track this pair and check if it touches sma2400.
before touching sma2400 if pair develops Up patern then one has to exit trade and wait for next pattern.
Best Regards
Ramdas
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Pl look at attached chart..How price has develop UP pattern.
Look at mark area on chart and refer post 8 where i have mention such patern. check how price has move above sma50 then fall ..touch sma50 and move up.
I am surprise about this up pattern, if we consider tommorow's BoJ rate decission event. normaly position Squaring goes on before such event.
and then currency Re-position itself before event. what i feel is... if usd/jpy fail to cross 118.15 then it will fall on profit booking. and tommorow it will again go up since most do not expect rate hike in december. let us see what happens next.. But as per chart usd/jpy suggest as want to go up.
Best Regards
Ramdas