September 20, 2018 08:17: Euro/JPY trade strategy [From Mr. Tetsu Emori's newsletter]
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From the real-time trading strategy newsletter "Tetsu Emori's Real Trading Strategy" by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning's distribution. This time, please take a look at the Euro/Yen trading strategy.
We will maintain a long position on EUR/JPY. However, upward momentum is expected to gradually weaken. It might be time to take profits. We will certainly close if it falls below 130.80. The fair value is 126.30, and the current level is somewhat overvalued. The long-term trend is 128.25, so the trend can be considered to be still in place.
Quoted from "Tetsu Emori's Real Trading Strategy" (Tetsu Emori).
Yesterday, EUR/JPY fell from the upper 131s to the upper 130s. It later retraced to the lower 131s. A directionless move seems likely to continue for a while. (Editorial)
EUR/JPY, 1-hour chart.
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