FullTimeTrader
Short

USDJPY-UPDATE-bullish rally finished!?

FX:USDJPY   U.S. Dollar / Japanese Yen
244 1 3
Hello, this is an update, i published this idea almost two months ago (my first idea published here)

This pair likes pennants , triangles and wedges . Until now all were bullish .
After a monthly and weekly chart analisis i expect a dramatic drop fall for this pair.
I think this is a good moment for this, then i close all positions and change my bias to short.
Chartism is very powerfull, when i see this kind of formation it usually means a dramatic fall.
There are 3 posible targets and the R/R ratio is good now.
Looking at daily chart last 3 candles are bearish .
The related pair CADJPY             is allready in its way down.
The market always moves from divergence to convergence, this one is very strong and lasted long time.
Lets see what the market will do next days, for me im already bearish
Happy Trading
very nice view
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