USDJPY was in an uptrend but recently reached a resistance area. A double top reversal pattern was formed at this reversal area. It went in a bearish direction and is currently in a retest stage. Using my fibonacci tool price can break through support retest and continue bearish from 106.000 area down to 105.250 area. The take profits I have is at fib levels.
TP 1 is at 38.2 fib level
TP 2 is at 50 fib level
TP 3 is at 61.8 fb level
Confirmation for the sell on UJ
- Failing to break resistance
- Forming a double top reversal pattern
- Breaking the neckline / retesting of the reversal pattern
- Broke through the bullish trend line
- Retesting the trend line it broke through
My analysis is just for educational purposes. I do not call out signals. If you agree with my analysis please like or comment your input.
#Trustyourownanaylsis
TP 1 is at 38.2 fib level
TP 2 is at 50 fib level
TP 3 is at 61.8 fb level
Confirmation for the sell on UJ
- Failing to break resistance
- Forming a double top reversal pattern
- Breaking the neckline / retesting of the reversal pattern
- Broke through the bullish trend line
- Retesting the trend line it broke through
My analysis is just for educational purposes. I do not call out signals. If you agree with my analysis please like or comment your input.
#Trustyourownanaylsis
price hits first tp at the 38.2 fib level and support area