I found broken 3-days bearish flag and I am short on USD/JPY from 110.20. My advice is to watch for selling opportunities with a target at 109.15. There is also small head and shoulders formation, which is another sign of weakness.
Trade safe, Petar
Comments
stak
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Hey Petar,
It's looking like it wants to make a run upwards from these levels. If this is indeed a pivot point, it could run up quite a bit (potentially to 112.50-113.0 area or more).
PetarJacimovic
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@stak, I don't see any upward at this point on USD/JPY. The first pivotal point is set at the price of 109.15.
stak
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looking good Petar!
Do you have any opinion on the longer term outlook? Just curious what your analysis is for the daily & even weekly timeframe.
Thanks!
Sam
PetarJacimovic
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@stak, It looks bearish to me on the longer frame. Key pivotal point in the short term is level around 108. Anyway, near term pivotal point is 109.15. It depends on news and fundamental aspect as well.
PetarJacimovic
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Nikkei is confirming potential strength on JPY.
invst.ly/43a-z
It's looking like it wants to make a run upwards from these levels. If this is indeed a pivot point, it could run up quite a bit (potentially to 112.50-113.0 area or more).