forextrader1088
Short

USD/JPY DOUBLE TOP, SHORT

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             coming close to entry, double top almost fully formed on the daily chart!

Now if you go onto the monthly time frame you will see it has been producing lower highs since 1998, next one I believe is being formed now! At the peak of the lower high a spinning top has formed followed by a strong bearish candle to add confirmation to the expected bearish move.

Stoch is also showing the pair to be over brought in the monthly frame, ma cross over on the daily time frame has almost occurred!

Confluences
- Lower highs
- Double top
- Near ma crossover
- Over brought on the monthly
- Trend changing to bearish , ( spinning top formed )
i think this is good work if 115.50 doesnt hold, pair's first target 112.50 gap level, then 109.50 level, thanks.
Reply
Yes, as entry for this is just below 115.50, if it penetrates this level it would show momentum in the move, but I will be waiting for clear candle confirmation to confirm support has been broke. Cheers mate
Reply
hello, do you think following what you have learned in books about TA will be so evident in real trading ? look where this pair is now heading to . the strong support tested 2 time arround 115.50/80 works perfectly. take your time before any bet on any pair. sorry if my answer seems to be rude. bon week end
Reply
Thanks for your input, but yes TA I have learnt is evident in real trading.
Reply
Bou_zid forextrader1088
this is the beauty of trading. we have the same (almost) tools but not the same view. hope the best for you. have a nice day
+1 Reply
Thank you, Good luck in trading this week!
Reply
Bou_zid forextrader1088
when did you get in ? what s your entry point ? if i may ask
Reply
I haven't got in yet, I would be looking for entry bearish of 115.45.
Reply
Bou_zid forextrader1088
so why posting ?
Reply
I don't have to be in the trade to post this?
+1 Reply
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