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.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out