Here we have USD/JPY on the 1h chart with a potential shorting opportunity, as you can see price is trading within a descending channel and has formed a bearish cypher pattern... I'm expecting a breakout to the D point followed by a re-test of the trendline for my take profit level.
Keep an eye on this structure over the next week, if you have any additional analysis feel free to leave it below.
Comment
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Price has broken out of the channel, we're now 80 pips off the potential reversal zone.
@lewglasgow ... Hey Lew, man any updates on this & what your thoughts are? Cheers
LewisGlasgow
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@gaptraderhq, hey man, I'm currently watching the daily timeframe for a reversal. I'm expecting a bullish dollar shortly, keep an eye on the structure below.
gaptraderhq
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@lewglasgow, will do appreciate the reply.
Calamity
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I have similar thoughts, I shorted xau though
LewisGlasgow
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@Calamity, JPY strength, I'm also looking to short in the near future
Trader_Dale
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Thanks for your great analysis mate!
Here is my view on USD/JPY.
It is based mostly on Market profile (volume)
If you are interested there are more intraday and swing trading levels in my profile page. You are very welcome there!
Dale