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#258 (permalink)

05-19-2009, 12:10 PM

Thomas Long Thomas Long is offline

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USD/JPY

The USD/JPY has been moving down on the 4-hour chart and has bounced up off of a low. The daily chart shows a possible head and shoulders formation which is bearish. Aggressive traders can look for a place to sell using their favorite approach while more conservative traders could sell on a move down through support. Remember to always trade with a protective stop and look for at least twice in potential profit as your risk for a 1:2 risk:reward ratio.

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