Monday, 26 August 2013

USD/JPY hanging on the trend line

USD/JPY D1 chart

The price had tested the strength of the trend line for a couple of times and is testing it again. A breakout could mean of a burst of price going up but we need to be careful for fakeout.

Looking at the Stochastic indicator, the price is about to go down.

I will try to have both long and short entries here. Hoping that it won't hit both when the trend is decided.

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