There is a nicely shaped bearish pin bar on the daily candlestick chart for the USDJPY pair. While it is a nice candle I do not think it is tradeable given the overall price action picture. A few problems I have with this pattern is that in some of the trend lines interpretations, the pin bar is actually sitting on top of the trend. This pinbar is also forming inside of a bullish flag pattern as well as into a fairly bullish short term trend. I think price could break lower but I don't know if it has enough strength and follow through to make it worth the risk. If price does drop lower that will give us bulls an opportunity to get long from key support and perhaps play a breakout of the bullish flag pattern.
If you look at Monthly, there's you can see the real bearish trend line and it's still far above.
Buckz
⋅
Thank you Krugman.
watertrader
⋅
Yes, I agree. It's a bear trap. Price initially looking to take this back to 111.40 ish on a 'B' wave of wave 4, then down to your target area, then larger long trade