Forex Strategy for USDJPY (October 15, 2019) | Is It Still a Buy? 🤑
Today’s Forex strategy video focuses on USDJPY. The pair is up 180 pips since my commentary on the 7th and may have another 350 pips to go. Watch today’s video to see how Justin Bennett is trading the USDJPY!
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(Video) USDJPY Reversal Approaches First Key Test at 109.00
USDJPY October 7 Commentary:
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USDJPY is playing out beautifully, so far.
I wrote about the pair a couple of times last week. More specifically, we looked at the potential for a reversal higher from the 106.80 support level.
The USDJPY is up nearly 200 pips since that post on the 7th.
Buyers also confirmed the inverse head and shoulders with Friday’s close.
From here, a daily close above 108.45 would mean the level should begin to serve as new support going forward.
Key resistance on the way up includes 109.00 followed by 110.60.
As I mentioned in Saturday’s video, the measured objective for the bullish reversal is somewhere around 112.30/50.
Alternatively, a close back below the neckline would negate the bullish outlook.
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