USD/JPY Possible Double Top Formation

FX:USDJPY   U.S. Dollar / Japanese Yen
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

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

Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out