USD/JPY broke it's price channel, the channel lasted for approximately one month, the bearish momentum increased with MACD crossing below zero line.
If the pair reversed to retest the above mentioned channel and at the same time failed to capture momentum by at least closing above the lower channel line on daily basis, this will create a selling opportunity between 119.20-119.35 zone.
I prefer to go short some where between 119.20 and 119.35 with SL at 119.70 (slightly above the shooting star candle)
Take profit targets are 118.35, 118.00, and 117.6.
Risk to Reward ratios are 1: 1.7 1:2.4, and 1:3.2 respectively.
Good Luck
If the pair reversed to retest the above mentioned channel and at the same time failed to capture momentum by at least closing above the lower channel line on daily basis, this will create a selling opportunity between 119.20-119.35 zone.
I prefer to go short some where between 119.20 and 119.35 with SL at 119.70 (slightly above the shooting star candle)
Take profit targets are 118.35, 118.00, and 117.6.
Risk to Reward ratios are 1: 1.7 1:2.4, and 1:3.2 respectively.
Good Luck