Falling Trendline following Double Top Pattern points to Lower
Updated
Dear Esteemed Traders,
I noticed a double top pattern on the USDJPY chart before the recent bearish price action accumulated momentum and pressed towards lower target prices. You can see this possible pattern above the candles. This chart pattern aligned with the following falling trendline. Bears pressure sold USD to this trendline multiple times, as the red circles illustrate. I believe that the price stuck between resistance and the lower target price at $145.16. I expect potential bearish continuation.
Kind regards,
Ely
I noticed a double top pattern on the USDJPY chart before the recent bearish price action accumulated momentum and pressed towards lower target prices. You can see this possible pattern above the candles. This chart pattern aligned with the following falling trendline. Bears pressure sold USD to this trendline multiple times, as the red circles illustrate. I believe that the price stuck between resistance and the lower target price at $145.16. I expect potential bearish continuation.
Kind regards,
Ely
Note
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Trade closed: target reached
Hey, did anyone seriously consider this idea? Bears hit all my target prices. The speed at which the analytics concluded was truly surprising - even for me, who wrote it, haha. 🤣
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