JPY/NOK - Bearish Three Drives

Hope everyone enjoyed their weekend, let's get into the charts ready for the week ahead. Here we have JPY/NOK on a Daily chart forming a three drives pattern, as we can see from previous price movement the pair has been trading within a channel.

The three drives pattern is one of my favorites, when trading them it’s important to take a step back and look at where you are in terms of the overall flow of the market. Typically this pattern forms with trend, in this situation it's an uptrend.

The measurements for a valid three drives pattern are detailed below.
A-C: 1.272-1.618
X-B: 0.5 - 0.886
C-E: 1.272 - 1.618
B-D: 0.5 - 0.886

We are approaching a key level of resistance around the 0.07900 area just below our E point, the chart is shown below.


There are also a variety of M patterns forming on different time frames. Once we complete the E leg we will be entering a short position, if you have any additional analysis on this pair please feel free to comment below.
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