Waiting for the JPY GDP news tomorrow before setting up a sell stop order below S2 pivot line with TP at S4 and SL between S2-S3. Pair had a breakout at 80.5 support and might be heading now to 77.0.
www.tradingfloor.com
D:
W:
Confidence: A (assuming still same sentiment with JPY tomorrow after GDP news as today)
Price has broken a key support level. Maybe is risky to sell at this moment, because RSI is overselled. Better to wait for pullback to consolidate that break and then open a short position.
If this 4H candle closes bearish/shows rejection, I'm seeing a short. Rejecting the 78.6% fib level, the bank level @ 81.500, and a possible broken bullish TL (retesting). Also seems to be in a descending triangle pattern. There is a multiple bottom to watch out for, so setting TP above that.
Hi Traders,
Possible Butterfly completion this week. Please watch D level but allow price action to provide bullish evidence.
T1 @ 38.2% - 80.952
T2 @ 61.8% - 81.574
Stop @ around 79.280
Good luck. Trade carefully.
