ironcondor
Short

USDJPY 15M Short | Double Evening Star Pattern / Double Top

FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Candle Pattern: Evening Star
Trend: Down
Trend Entry: With

TP/SL Ratio Target: 1 to 1
Target TP PIPs: 20
SL PIPS: 20

Fib Entry: .618
Fib TP: .382
Stochastic: overbought
MACD Histogram: contracting
200SMA: Above (just barely)
Inside EMA/SMA zone: no
BB: top
Pivot Point: Pivot && R1

Notes:

double top evening stars at the .764 fib level of previous swing high
stochastic showing overbought and divergence to the down side
MACD showing decreased momentum to the top side and should make some good downside momentum.

TP set just shy of last inner swing low however this may be the starting wave 3 in an elliot wave to the down side


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