An Evening Doji Star is a Bearish Reversal Candlestick Pattern that consists of 3 Candlesticks:
1) Large Bullish Candle
2) Doji Candle
3) Large Bearish Candle
The Doji Candle represents indecision in the markets where the Bulls nor the Bears were able to overcome one another.
The last candle being a bearish one suggests that the Bears have successfully taken over and are looking to push price down!
This Candlestick Pattern itself is a strong indication that price is looking to reverse from this Resistance Level at 158 - 156 formed at the end of last year/beginning of this year, but what will also add "fuel to the fire" is if the next candle, being the Confirmation Candle of the pattern turns out to be a bearish one!
If so, I am looking for
USDJPY to continue this bearish push down in price to the next Area of Value being at 151 - 148 with a stronger Support Level down at the 141 - 139 where price last visited in April this year.
Fundamentally, USD has a heavily news filled week with Sept. and Oct. JOLTS Job Opening being released, Unemployment Claims, ADP Weekly Employment Change and the Federal Reserve with an 86% chance of Cutting Interest Rates on the 10th.
BOJ is set to Hike Interest Rates the following week, and this, fundamentally, could be the catalyst for the Bearish Reversal we see setting up in technical terms on the charts!
1) Large Bullish Candle
2) Doji Candle
3) Large Bearish Candle
The Doji Candle represents indecision in the markets where the Bulls nor the Bears were able to overcome one another.
The last candle being a bearish one suggests that the Bears have successfully taken over and are looking to push price down!
This Candlestick Pattern itself is a strong indication that price is looking to reverse from this Resistance Level at 158 - 156 formed at the end of last year/beginning of this year, but what will also add "fuel to the fire" is if the next candle, being the Confirmation Candle of the pattern turns out to be a bearish one!
If so, I am looking for
USDJPY to continue this bearish push down in price to the next Area of Value being at 151 - 148 with a stronger Support Level down at the 141 - 139 where price last visited in April this year.Fundamentally, USD has a heavily news filled week with Sept. and Oct. JOLTS Job Opening being released, Unemployment Claims, ADP Weekly Employment Change and the Federal Reserve with an 86% chance of Cutting Interest Rates on the 10th.
BOJ is set to Hike Interest Rates the following week, and this, fundamentally, could be the catalyst for the Bearish Reversal we see setting up in technical terms on the charts!
Note
As the week begins,
USDJPY has opened up Bullish with price starting a throwback to the Break of Structure @ 155.655.We can see on the Daily and 4 Hour Chart there is an Area of Value that price broke through and could turn out to be a good Resistance Level for Bears to hold to begin the formation of the Bearish Confirmation Candle for the Evening Doji Star forming on the Weekly.
Trade active
Price has made a throwback to the Break of Structure being the Daily Low from Nov. 26th @ 155.655
Short Entered.
SL - 156.181
TP - TBD
Trade closed manually
Price began to push back up through the AOV.
Closed trade!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.