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      • JPY Crosses can fall hard

      JPY Crosses can fall hard

      • Posted by Mihai Iacob
      • Categories Forex Analysis
      • Date September 8, 2020
      • Comments 0 comment
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      EurJpy- 124 can be the target for this week

      127 is strong resistance for EurJpy , marked by a bearish Pin Bar .
      Now the pair is heavy and also is trading under trend line support.
      A clear break of 125.30 would expose 124.00 important support in the short term.
      Sell rallies towards 126 could be s good strategy with 1:2 R:R

      NzdJpy- False break can lead to a steep drop:

      Last week NzdJpy traded for just one day above 71.50 resistance. The break proved to be a false one and a strong bearish engulfing followed.
      Usually, false breaks announce strong reversals and I expect the pair to drop to recent rage support at 69 zone.
      Sell trades around 71.50 have a great R:R.


      CadJpy- I’m still bearish:

      Last week I said that CadJpy could have found a top at 81.50 zone and a drop to 80 is not out of the question.
      The pair is consolidating under this resistance as if is waiting for a trigger.
      I maintain my bearish outlook and I expect CadJpy to drop to at least 80 zone. Also, a correction in Oil price would t hurt…


      GbpJpy- 135 is my medium term target:

      The rise from 132.50 is typical for last legs up and after a short spike above 142, GbpJpy has reversed and is now trading under 140.
      I expect the pair to drop at 135 in the medium term and I will look for sell opportunities that offer a good R:R


      Note: From all possible JPY trades I like most NzdJpy, but keep in mind that we have EurJpy short in the same idea.

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      Mihai Iacob
      Mihai Iacob is a full time trader, educator, mentor and author. He started his career in 2002 by trading on the local stock exchange in Romania. In 2004, he began his transition to international markets where he has been trading exclusively since 2007 with a strong focus on Forex trading. In 2007, he launched the educational site forexedu.ro with the aim of educating Romanian traders in forex trading and helping them on their way to becoming profitable traders. In 2019 he launches Optimoomfx Telegram channel, a trading signal channel, in which he posts its own transactions, but also analyzes and explanations for subscribers to learn as they earn.

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