ElemontFX
Short

USDJPY FORECAST + SETUPS

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             has broken down from its local flag pattern and could head lower in the short-term. However, at the moment it has bounced from the bottom of its main channel. Thus, we have 2 highly probable setups:

1. Price retests the previous (dotted) trendline and fails, bouncing back down and then breaking the yellow flag pattern

2. Price breaks the yellow flag pattern and heads towards a former trendline support level .

Enter trades upon breakout confirmation, otherwise trade is invalid.
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