UsdJpy trading in a Descending channel since January 2016 (bullish implications in the long run). And recently UsdJpy formed an ABCD pattern...
ABCD Pattern:
For both the bullish and bearish versions of the ABCD chart pattern, the lines AB and CD are known as the legs while BC is called the correction or retracement. If you use the Fibonacci retracement tool on leg AB, the retracement BC should reach until the 0.618 level. Next, the line CD should be the 1.272 Fibonacci extension of BC.
We would like to trade the possibility of line C to D. Daily support currently at 100.00.
sell 99.95, stop loss (previous high) 101.20 and take profit at D 98.00
ABCD Pattern:
For both the bullish and bearish versions of the ABCD chart pattern, the lines AB and CD are known as the legs while BC is called the correction or retracement. If you use the Fibonacci retracement tool on leg AB, the retracement BC should reach until the 0.618 level. Next, the line CD should be the 1.272 Fibonacci extension of BC.
We would like to trade the possibility of line C to D. Daily support currently at 100.00.
sell 99.95, stop loss (previous high) 101.20 and take profit at D 98.00