As evident on 4Hr Time-Frame with formation of Bearish Cypher harmonic pattern UKOIL a reversal is possible.
Seasonal Analysis shows JXY & DXY remain Bullish in January over 60% which have negative correlation with Oil. CXY on the other hand remain Bearish in January over 70% of times which indicates a low price of Oil.
TPs can be set as per Fib Lvls identified on chart and stop Loss on or above Point D of Cypher. It is my expectation that price action will retrace to 61.8% Fib level.
Manage your risk accordingly.
Trade closed: stop reached
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With Changes in fundamentals of USD and JPY it was quite evident that this technical may fail in short run. So SL Hit and trade is officially closed.