This bearish pennant pattern has formed on the daily USD/JPY chart as a longer-term downtrend seems to have started. The pole and the pennant borders are shown with the yellow lines. The stop-loss level (the red line at 140.793) is set to the highest point of the pennant area. The take-profit level (the green line at 132.667) is set to the pole's length subtracted from the stop-loss level. I will open this position only if the currency pair closes significantly below the pennant's lower border.
Order cancelled:
Setup cancelled due to the pattern invalidation.
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