TRADE TYPE: RANGING
May 17 | LONG | EUR/JPY @ 140.80 | SL: 140.47 | TP: 141.14
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Hi all to a new trading day, the yen crosses have been ranging for a day or two now, forming some typical consolidation patterns. Both the EURJPY and the GBPJPY broke their triangle patterns early asia, but we have seen no follow through, this could just because it is asia, or it could be forming a busted triangle pattern, which would see a strong reversal.
It is this I am banking on after the lack of follow through, and the pivot support holding. I will be long for the pivot line at least, with a stop below the recent two long bottomed candles. A low risk trade in terms of capital as I can keep my stop nice and close.