USDJPY Trading Plan For Today

hey traders,

today pay attention to usdjpy.

a recently reached 108.0 level has proved its significance and for now, buyers could not manage to breakthrough.

on 4h we see a formation of a rising parallel channel called a bearish flag formation,
this pattern is considered to be bearish because the major leg preceding it is bearish.

taking into consideration the long term bearish trend we are looking for a new wave to the downside.
perfect trigger for us to open short is a breakout of the flag to the downside!
it will signify the exhaustion of buyers and shift in sentiment.

target levels will be:
105.3
102.3

stop will be above the higher high within the flag.

be patient and do not jump in without confirmation!