USDJPY - Descending Triangle - Downside Expected
Hi traders.
USDJPY appears to have been forming a descending triangle on both the 4H and 1H time frames. Since market open today, it has broken out of the structure to the upside but since has now been pulling back.
I believe this was a fakeout. Providing the green trend line is broken on the 30M or 1H time frame cleanly, it would then be time to short UJ to the blue trend line drawn, before considering any longs.
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
USDJPY appears to have been forming a descending triangle on both the 4H and 1H time frames. Since market open today, it has broken out of the structure to the upside but since has now been pulling back.
I believe this was a fakeout. Providing the green trend line is broken on the 30M or 1H time frame cleanly, it would then be time to short UJ to the blue trend line drawn, before considering any longs.
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
Comment:
Set TP at 108.000 and it was hit.