*Update: This pattern has failed to complete formation therefore cancelling the trade idea.
USDJPY is in the process of forming an ABCD pattern on the 30 Min chart. Although this pair has been in an uptrend over the past year we can expect this pattern to play out, and if proven correct it will present a nice short scalp opportunity. Prices should stall between 124.550 - 124.620 and retrace down to 124.440 - 124.350. When scalping remember to stick with your stops, 10 - 30 pips is recommended. Our algorithm is giving an 82% chance of this price action playing out over the few hours.
Discipline is key to survival when trading!
USDJPY is in the process of forming an ABCD pattern on the 30 Min chart. Although this pair has been in an uptrend over the past year we can expect this pattern to play out, and if proven correct it will present a nice short scalp opportunity. Prices should stall between 124.550 - 124.620 and retrace down to 124.440 - 124.350. When scalping remember to stick with your stops, 10 - 30 pips is recommended. Our algorithm is giving an 82% chance of this price action playing out over the few hours.
Discipline is key to survival when trading!