Today's FOREX Trade of the Day was a short EUR/JPY position.
Entry Sell: 137.63
Exit Buy: 137.35
Notional Intraday Profit: +28 pips
Today's intraday High of 137.71 was above 38.2% retracement of yesterday's Daily range, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 137.27 was below the 23.6% retracement level of the range from the Low on 23 October through the High on 29 October, rendering the retracement level a profitable Exit Buy level.
Looking at the Monthly chart below, we can see how the October intramonth High was just below the 38.2% retracement of the cross rate's Lifetime range, from the Low in October 2000 through the High in July 2008.
Downside price objectives include 136.94, 135.86, 133.50, and. 132.03,
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