1- Shorts from 107.63 Best sell level 107.75 Stop: slightly higher than 107.90 If the first stop is hunted 2- Sell level 108.24 Stop: Slightly higher 108.53 Targets for both positions: 106.88 – 106.10 – 105.35
Pattern: Triangle on 4H. Signal and Targets: Bearish if the Triangle breaks downwards (TP 110.245), Bullish if it breaks upwards (TP 112.500). *Note: First time on 1D that the pattern makers Lower Highs instead of Lower Lows. This enhances the potential of a bearish break-out.
Pattern: Fibonacci retracement to 0.786. Signal: Bearish after identifying a similar fractal on the previous 1W Resistance/ Support levels. Target: 109.000 (just above a -2.92% pull back).
#USDJPY, USDJPY, No change in long $index by last week. professionals are in hedging. JPY shorts trimmed 3k by last week. long% increased 2% while short% decreased 2%.
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron