munyaelliott
Short

USD/JPY DAILY TIMEFRAME SHORT

FX:USDJPY   U.S. Dollar / Japanese Yen
Prices formed an impulse to the downside and then moved up after a serious stop hunt, or rather rejection caused by the buyers, who came in and pushed prices higher. This was evidenced by the correctional structure ( rising wedge pattern). Price is currently moving downwards after it retested the support turned resistance of the rising wedge pattern. On the 4-hour timeframe, price has already broken out of a second correction pattern ( bear flag pattern in this instance) and is moving further downwards. This trade can be played both on higher timeframes as a swing, or on shorter timeframes. The choice will depend on your patience and account size. The technicals of the trade are as follows:

4-HOUR TIMEFRAME STOP LOSS: 113.043
4-HOUR TIMEFRAME TARGET: 109.090
DAILY TIMEFRAME STOP LOSS:
DAILY TIMEFRAME TARGET 2: 107.541

May the bears be with you!!!
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out