Trade Setup: USD/JPY – 5 Sep 2016

5 Sep 2016
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5-sep-2016-usdjpy

Candle Stick Pattern: Dark Cloud Cover at (1)
Confirmation:

  • Stochastic overbought range at (3), also confirming divergence at (2) & (3).
  • Touching outer band of Bollinger Band at (1).
  • Retesting the support of (4) at (1).

Signal: SELL
Entry Point: 103.371
SL: 102.552 (82 pips)
TP: 99.890 (348 pips)

5-sep-2016-usdjpy-cont

  • As it reached the 50% of the Fibonacci retracement, we can partial close the trade and take some profits.
  • Also move the SL to next resistance level.

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