USDJPY broke through the consolidation area but what comes next?1. Price has been trading within
109.605 - 110.400 trading range
after a bearish impulsive move from
110.700 area.
2. Price retested the previous
high of the range at 110.404
which is our fake-out area
in the form of a double top.
3. Took a short position
yesterday at New York Session
after price made another attempt
to break the 110.400 area but
made a bull trap in the form
of a double trap.
(high probability entry for
short)
4. RSI shows a weakness in momentum after a retest in the previous high
(divergence)
4.14RR
Note: Short position is invalidated if price breaks through our fake-out area at 110.400
