The pair formed an upward sloping flag that signaled exhaustion from bulls. This pattern is similar to that of a rising wedge. I’ve been selling the pair steadily since it broke down this pattern, but there may be another opportunity for traders to sell this pair by waiting for a close of the daily candle below 127.30/127. Just keep in mind that the bulls could also buy at this level, but until I see YEN becoming weak, I will continue looking to sell this pair.

EURJPY H4 - 20 AUG

Source: MARYNA

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