The small pattern (blue) reached both of its target levels before the price pulled back and closed above the daily 18 line (Fast ).
The fact that the price closed above its daily Fast line is a signal that USDJPY is still strong.
We have plenty of JPY related news coming this week and it could determine the result of my .
A close above 125.5 will violate the pattern. As long as the price remains above the Fast line, it is an option.
A close below the Fast could be the first signal that will suggest that USDJPY can reach lower - 122 is my final target level for this setup as the price will meet the uptrend line and the 200 line
For those who entered at the top of the pattern, the R/R was about 1:3.
The current R/R (assuming that the price will decline below 124, will offer about 1:1.5
The 50 days line will also play a support role so it has to be monitored also
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