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MountOlympusFx

USDJPY SELL: Weekly, Daily & 4hr Breakdown

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MountOlympusFx Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY Forex
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USDJPY SHORT THESIS
USDJPY Weekly:
• Price looks like it has started a bear trend with price taking out previous lows.
• After trying to recover from flash crash price ran into 109.87 resistance and closed as a spinning top.

USDJPY Daily:
• UJ formed a new high at 109.87 and now a reversal from there is imminent with multiple wicks at level.
• Moving averages haven’t crossed bullish yet so next target is 109.24.

USDJPY 4hr:
• Already in the trade from last Friday from a double top at 109.87 to target 109.24.
• Waiting for a possible break of 109.24 then next target will be 108.73.
Trade active:
break below 109.24
Trade closed: stop reached
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