Norsefx
Short

USDJPY Rejection at daily trendline.

FX:USDJPY   U.S. Dollar/Japanese Yen
UsdJpy             in currently consolidating inside a big triangle after the big bullish bat pattern.
Rejected 2 times at the trendline , that area is also previous sell area.
Closed 2 bearish candlesticks in a row.

A leg down might be underway.

Stops above the spike high.
Liking it.
+1 Reply
I'd like to go long soon.
Reply
Norsefx PRO IvanLabrie
Me too, next leg up should be a great play.
Reply
Agree, although many traders are bullish looking for the killer third wave i think right NOW more correction is coming. We see a clear double top with divergence. The correction for wave four is not finished yet. After that we can long
snapshot
Reply
Norsefx PRO FullTimeTrader
I have a small leftover longposition from 120.55 (bat pattern/trendline touch) so im positioned if we get a premature move up. But like yourself, i think a correction to the downside is due. Would love to get another entry down at the lower TL or the 61.8 of last move.
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