USD/JPY DAILY TIMEFRAME SHORT
Prices formed an impulse to the downside and then moved up after a serious stop hunt, or rather rejection caused by the buyers, who came in and pushed prices higher. This was evidenced by the correctional structure (rising wedge pattern). Price is currently moving downwards after it retested the support turned resistance of the rising wedge pattern. On the 4-hour timeframe, price has already broken out of a second correction pattern (bear flag pattern in this instance) and is moving further downwards. This trade can be played both on higher timeframes as a swing, or on shorter timeframes. The choice will depend on your patience and account size. The technicals of the trade are as follows:
4-HOUR TIMEFRAME STOP LOSS: 113.043
4-HOUR TIMEFRAME TARGET: 109.090
DAILY TIMEFRAME STOP LOSS:
DAILY TIMEFRAME TARGET 2: 107.541
May the bears be with you!!!
4-HOUR TIMEFRAME STOP LOSS: 113.043
4-HOUR TIMEFRAME TARGET: 109.090
DAILY TIMEFRAME STOP LOSS:
DAILY TIMEFRAME TARGET 2: 107.541
May the bears be with you!!!
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