Bearish AB=CD pattern for USD/JPY. Before entering a short trade please be patient and wait for the current 4 hour candle to close.
Price may still reach the weekly R1 above, however, as long as price does not close above 111.08 the AB=CD pattern remains valid.
Trade short 1 (RvR ratio 2:1) Entry: Close below 110.50 (or at market but only as long as price remains below 10SMA) S/L: 110.79 T/P 1: 109.92
Trade short 2 (RvR ratio 2:1) Entry: Close below 109.92 S/L: 110.28 T/P 2: 109.20
Trade short 3 (RvR ratio 2:1) Entry: Close below 109.20 S/L: 109.75 T/P 3: 108.11 As always, scale out your profits and adjust your stop/loss to suit your personal risk management profile.