Today's FOREX Trade of the Day was a long EUR/JPY position.
Entry Buy: 135.66
Exit Sell: 136.13
Notional Intraday Profit: +47 pips
Today's intraday Low of 135.65 (at the time) was just below the 38.2% retracement of the intraweek Low through yesterday's High, rendering the retracement level a profitable Entry Buy level.
Today's intraday High of 136.22 was above the 38.2% retracement level of the range from 137.93 through the intramonth Low, rendering the retracement level a profitable Exit Sell level.
Our proprietary Japanese yen Weekly Activity Index indicator shows how strong JPY has been over the past four weeks.
Look how the October intramonth High on the Monthly chart below is only about 20 pips below the 38.2% retracement of the lifetime range of EUR/JPY.
Downside targets include 133.50, 132.03, and 129.45
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