A simple short setup
USDJPY has reached to to upper channel of a mini ascending channel within it's main weekly up-trend channel, currently at point of forming either double top or ascending wedge pattern if rises a bit higher.
The price is also at a key resistance level in history.
Since the RISK on lower times have all reached to its over bought level, I expect the price to go down a bit in short term, although remain up beating in the long run.
Entry: You may want to wait if the price can go any higher - as there's a potential the price can go higher hitting the edge of the mini-trend line
SL: above the key resistance level 110.6 , however better to be above 110.71 which is much safer
TP: fib based, within the rising wedge, it's possible to drop further if enough powder
GL.
The price is also at a key resistance level in history.
Since the RISK on lower times have all reached to its over bought level, I expect the price to go down a bit in short term, although remain up beating in the long run.
Entry: You may want to wait if the price can go any higher - as there's a potential the price can go higher hitting the edge of the mini-trend line
SL: above the key resistance level 110.6 , however better to be above 110.71 which is much safer
TP: fib based, within the rising wedge, it's possible to drop further if enough powder
GL.
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