Hello Traders,
Looking at 4 hour chart for USDJPY pair, we see the trend is starting to change in favor of bears.
There were few key bearish signal since late September:
1) Head and shoulders pattern
2) Bearish divergence
3) RSI oversold
Currently, I see a bearish wedge is forming, and the target for bearish breakout is $112.5, where 0.5 Fibonacci support is.
Happy trading!
Looking at 4 hour chart for USDJPY pair, we see the trend is starting to change in favor of bears.
There were few key bearish signal since late September:
1) Head and shoulders pattern
2) Bearish divergence
3) RSI oversold
Currently, I see a bearish wedge is forming, and the target for bearish breakout is $112.5, where 0.5 Fibonacci support is.
Happy trading!
Note
Clear bearish breakout with large volume. The target for head and shoulders breakout is 112.5, and target for bearish wedge breakout is 112.Trade closed: target reached
Target reached. Touched 0.5 Fib. Expect some pullback to 112.9Note
Let's see 0.618 Fib level act as a support.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.