Price broke below the uptrend (corrective structure and is now moving into a descending channel having already bounced from its lower paraellel. I will keep an eye to see if price reaches the upper parallel of the channel where previously found good resistance and wait for a sell setup completion.
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Comment:
Price dropped as expected, but no sell setup was triggered as price never reached the upper parallel of the channel. We now have another sell opportunity as price has reached into a correction the new added sliding parallel of the channel. Watch for a breakout and sell USDJPY:
