We found a long trade on USD/JPY this morning at the London open, the reason for this trade is that fundamentally the USD is the strongest currency and the JPY is the weakest due to concerns over a 4th wave of infections happening. what I saw was a bullish move with an exhaustion to a 1 hour area of sensitivity and a bullish engulfing candle, this was entry confirmation. we will monitor this trade over the next few days, there isn't any major news coming out over the next few days so we should hit our take profit one at least before non farm payrolls on Friday.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.