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Trade Setup: EURJPY Breakout On Lower Line Of Triangle

Interval: Daily


Haruhiko Kuroda is expected to hold a press conference where he could tell something about the monetary policy that he will adopt. The markets are expecting a new and aggressive approach from Kuroda, after all that is way Shirakawa didn’t get another mandate. If this will happen then we might see a lower yen in front of the dollar and Euro.

If governor Kuroda will disappoint the market we may see a rally of the yen, sustained also by the bad economic data published today from Europe.

On the EURJPY chart we can see a symmetrical triangle consolidation. This setup will be activated if the price will break the lower line of the triangle. The target for the down move is set in a very important support area at 114.90. Here it is found the 50 percent retrace of the last rally and an upper channel line. This fall could be also signaled by a drop under 52.29 on the 28 periods RSI.

Confirmation Level: 121.33

Take Profit: 114.90

Stop Loss: 123.57

If the latest low, 119.00, will be hit, move stop loss on break even.

Trade Setup: EURJPY Breakout On Lower Line Of Triangle by