USDJPY: A Bearish Structure is Forming
-INTRODUCTION-
In the 4-hour chart, we can spot a potential wide head and shoulder pattern. The neckline level is established at 127.200 ~ 127.500 level. A clean breakout from this neckline would indicate a strong bearish movement. Thus, we are closely monitoring the price action at around the neckline area.
-TRADING PLAN-
After a clean breakout, we will prepare our sell limit orders at the neckline area to capture the retest.
Check out our previous JPY trading ideas below :)
In the 4-hour chart, we can spot a potential wide head and shoulder pattern. The neckline level is established at 127.200 ~ 127.500 level. A clean breakout from this neckline would indicate a strong bearish movement. Thus, we are closely monitoring the price action at around the neckline area.
-TRADING PLAN-
After a clean breakout, we will prepare our sell limit orders at the neckline area to capture the retest.
Check out our previous JPY trading ideas below :)
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