This pair had been trading for a couple of week. Will be looking to short when the price reaches the upper range. As long as price don't break 112.80 will maintain short on this pair.
Nice idea on USDJPY and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 112.68 which is near the top level of the wedge that you've identified. It is horizontal swing high resistance, 100%, Fibonacci extension and a 78.6% and 38.2% Fibonacci retracement. RSI is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 111.87 support level. It is horizontal swing low support, 61.8% Fibonacci extension and a 61.8% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.