2016-04-20_00-56-44eurjpy

As you can see I took the trade on the eurjpy daily chart.

On the last post about this pair I stated that you might insert a long position due to the double bottom.

The other reason I took the trade is that on the chart you may see that nearly all the retracements have been quite deep.

Therefore I expect price to behave the same way and hopefully put my stop loss at brakeven before a bearish retracement takes place.

You should be aware that we are trading against the 50 day moving average but if the level of support holds then we might have entered right at the start of a possible change of trend if we take a double bottom in regard meaning that this kind of price action signifies a change in the overall trend.

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