wassimtrade
Short

USDJPY , time to short!

FX:USDJPY   U.S. Dollar / Japanese Yen
92 1 3
USDJPY             currencie is gonna go down.
I would be careful here. You need two known tops to make a trend line. Here, you assume the latest red candle marks a top. Since the body is way towards the top of the wick, it could be profit taking or a natural pullback before a higher high. The price action down is not convincing. Look at 10/28 for a candle that does not draw back much after going down to mark a high. Also, the volume is not great for the red candle compared to the two previous greens. Most tops have at least as much volume going down. If the line were drawn using 9/5 high and 10/28 high, this would be a breakout rather than the top of a channel. All is not lost though. Two things that imply a local top are 6/24 and 7/21. This is an area of resistance. I'd expect a pullback here.
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