LukeEllis
Short

Evening Star Formation USD/JPY Short 4HR 61.8% Fibonacci Level

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Analyising this pair we have been in a downtrend for a couple of weeks and I noticed a slight pullback occuring yesterday. We can see that price has respected the 61.8% Fibonnaci retracement level and created a evening star formation which is a big indicator that price is going to make more ground to the downside. I have drawn in a counter trendline I will be looking for a clear break of this level before entering the trade targeting the first take profit level (108.745). Be patient and wait for a clear break of this level. You can also wait for a slight pullback and rejection of the EMA or the countertrendline to confirm this bias if you want to trade more safe.
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