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25.11.2020 11:58 AM
Trading idea for the USD/JPY pair

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Last week's trading recommendation was to work for a price increase in the USD / JPY pair .

The plan involved completing the wave pattern (ABC) on the daily chart, which formed amid positive news on Pfizer's COVID-19 vaccine.

The pair's bullish impulse waves were arranged like this:

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In the plan, the initial risk was the monthly low. But now, due to the strong data on US PMI, it should decrease according to the scenario below:

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Target profit will remain the same, that is, a quote of 105.6.

Price Action and Stop Hunting were used for this trading strategy.

Good luck!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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