This bearish flag pattern has formed on the daily USD/JPY chart as a part of a wider long-term downtrend. The pole and the flag borders are shown with the yellow lines. The stop-loss level (the red line at 133.126) is set to the highest point of the flag area. The take-profit level (the green line at 126.221) is set to the pole's length subtracted from the stop-loss level. I will open this position only if the currency pair closes significantly below the flag's lower border.
Trade active:
Short trade entered at 132.910 today at 00:00 UTC. The updated stop-loss is at 134.394 and the updated take-profit is at 127.495.
Trade closed: stop reached:
The trend reversed and the stop-loss was reached at 08:01 today.
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