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Trading Setups / Chart in Focus:
GBPJPY – Sterling/yen uptrend continues
The GBPJPY has been on a strong run higher in recent weeks. Whilst it does look like it’s already had a good run, often these moves go further than we think, as I discussed in my recent article on how long do good trades take to play out. Whilst price is above 184.80 this market is aggressively bullish and we can look to be buyers on weakness above that level.
Crude Oil – Crude Oil rolling over after pin bar
The Crude Oil market has fallen lower following a bearish pin bar sell signal that formed back on May 6th. Further retracements back up to the event area between 60.00 – 61.50 can be viewed as selling opportunities as the long-term trend is still down. Notice how the 50% level of the pin bar held on both recent tests of it, so our view is to sell on strength between 60.00 – 61.50 with targets down near 55.90 support.
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