AuthenticTrader
Short

USDJPY - Time To Sell - High Probability with GREAT Risk Reward

FX:USDJPY   U.S. Dollar/Japanese Yen
116 0 4
Trend is down - Price has just pulled back but failed to exceed high of 9-2. Bearish Engulfing pattern engulfs two days of price action, and has tagged upper Bollinger Band . Stochastic has turned down and signal line has crossed as well. Finally my new "confirmation filter" the Connors 2 period RSI has exceeded the 90% threshold, which indicates extreme overbought. Finally, red long term Zig Zag didn't paint a new low.

Stop Loss is the high of the completed reversal pattern which has confluence with the 9-2 high.

Take profit is previous swing low as indicated by short term zig zag ( blue), alternatively you can trail the stop 1 ATR and close when either the blue or red Zig Zag paints a new low.

Compare this set-up to my EURJPY             idea where I am already short and have made 1 ATR already. It is almost the identical set up. (The EURGPY has a positive correlation with USDJPY             ). The other yen pairs are getting close too.
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