FX:USDJPY U.S. Dollar/Japanese Yen
Similar to the short trade that I took on the GBPNZD 1h chart, I think that a similar move can be expected here on the USDJPY 1d time frame. We have a prevailing and a pretty good risk to reward using the projection from the height of the pattern; a profit target at the 1.27 ext would yield just better than a 1:t risk to reward for a more conservative approach as well. What do you think?
I was writing about the head & shoulders look on the daily earlier today and how we all thought it was going to head higher before heading down but I kind of figured If it didn't reach the 103 handle on Sunday and by it pulling back this far, it wouldn't make it back up but was just hoping:)
Same here, I figured it would rally a bit more but as of right now it looks set for another move down, will it hit the those targets idk. lol that's a loooong way down but I'm slowly learning to trust the charts, anything is possible haha. IF it gets triggered THEN I'll try to hold it all the way down without taking profits early like the wuss I've been lately