Prome

USDJPY FLAG PATTERN BREAKOUT POSSIBLE

FX:USDJPY   U.S. Dollar / Japanese Yen
118 0 13
Price just reached the top of a weekly downtrend in a bigger pennant patter, also, a daily abcd pattern formed and price reached the D extension @ -0.27 fib, this means that a pullback is likely. How big this pullback will be we don't know. We don't know either if price will retrace now or waits the @ -0.618 D extension. But, if price breaks the 4h uptrend swing (see the pic below) we can go short whit the first target the next trend line and second target the external (weekly) trend line . If price breaks the weekly downtrend to the upside we'll wait a retest on that trend line to go long.

happy trading
Comment:
snapshot
Trade active: Trade active and already in profit. We'll short again after the breakout of the next trend line:

snapshot
Trade closed: target reached: Target reached. We'll short again we have another breakout.

Happy trading!

snapshot
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