USDJPY Short term plan (SELL)
Updated
Since the double top around 160ish, which hit target perfectly, I initially anticipated the market to respect that area. However, the market decided on a monthly breakout and formed a HH at the end of June, effectively changing my bias to expect an overall continuation of bullish momentum for the foreseeable. Before this can happen, our next move should be a correction, targeting the HL move around 157. It’s best to wait for the 4hr & daily candle to complete its cycle today to validate this bias. Then, overnight, search for selling opportunities with targets around 157. This is the pullback we want, as the market needs to respect its recent breakout. then search for buying opportunities $$$
Trade active
We shouldn't become too attached to our position and must adapt to market momentum.The head and shoulders plan was good for the short term, but I didn't anticipate the market moving up like this. In hindsight, I should have respected yesterday's daily close. I'm still in sell positions at 161.900. Depending on how today's candle closes, the market could move back up to the previous highs!
Trade closed: target reached
Happy with this target Take profit
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