USD/JPY Possible Double Top Formation
Price on USD/JPY broke out of the indicated pennant. Price
has already reached roughly the first half of the breakout
measured objective and now price is retesting the breakout
level.
The trend lines cross over level is almost precisely at
the 61.8% retracement level and if price gets rejected here,
thus forming a double top, then it looks like price may finally
close the gap from Novembre 2016 below.
On the second short trade I would recommend scaling out
your profits as price goes down as well as adjusting your
stop/ loss.
Trade 1 (RvR Ratio 2:1)
Entry: Close below 106.050
S/L: 106.760
T/P: 104.629
Trade 2 (RvR Ratio 2:1 until T/P 1)
Entry: Close below 104.629
S/L: 105.198
T/P 1: 103.490 (measured objective of breakout)
T/P 2: 102.617 (measured objective of double top)
Happy trading
Price on USD/JPY broke out of the indicated pennant. Price
has already reached roughly the first half of the breakout
measured objective and now price is retesting the breakout
level.
The trend lines cross over level is almost precisely at
the 61.8% retracement level and if price gets rejected here,
thus forming a double top, then it looks like price may finally
close the gap from Novembre 2016 below.
On the second short trade I would recommend scaling out
your profits as price goes down as well as adjusting your
stop/ loss.
Trade 1 (RvR Ratio 2:1)
Entry: Close below 106.050
S/L: 106.760
T/P: 104.629
Trade 2 (RvR Ratio 2:1 until T/P 1)
Entry: Close below 104.629
S/L: 105.198
T/P 1: 103.490 (measured objective of breakout)
T/P 2: 102.617 (measured objective of double top)
Happy trading