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Daily Forex Trading Commentary - Wednesday 21st May 2014

USD/JPY - Unfortunate Shake Out Here Too!

There was a nasty shake-out on this market too today, but the resulting pin bar is really quite nice. Sometimes this happens in trading, and you just have to take it on the chin. There is now another, much better signal, and therfore, it makes sense to consider trading an upside bounce from this setup. Unlike EUR/USD, this pin bar has closed much more bullish.

(click to enlarge)Click to enlarge