Enticing further shorts on the hourly where the strong move down has already happened
Over-extension - needs pull back
MA Break/close above- 1hr/2hr
Respecting 1hr trendline
triple bottom on hourly
Target confluent w/ prev sup
Waiting for USDJPY triangle breakout. Triangle pattern is accompanied by a volume decrement.
Currency pair - USD.JPY
Chart timeframe - 1hr
- My Pending Orders -
TAKEPROFIT BUYSTOP: 112.574
TAKEPROFIT SELLSTOP: 112.121
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USDJPY about to violate the triangle upward sloping trendline below 109.50
if close below expects 108. very soon
while strong Resistance at cluster of MOVING AVERAGE 200DMA & 50DMA at 111.50
best of luck......
Hello traders,as we look USD/JPY on 1H chart(attached below the daily analysis on USD/JPY) we can see a possible bearish shark pattern as we go reach the red zone of resistance.
We may have a better entry for better P/L ratio trade if price makes a spike with a false breakout above the trend line into the red zone where we have the D completion...
An ABCD pattern is in formation, a bullish divergence and bullish pin bar are present inside PRZ, so it could be a good idea to look for a long position, however the PRZ is wide (+150 pips), still there is a possibility that the price push down a little bit more.
So, my options:
1) Buy limit at 109.64 / SL = 109.29
2) Wait for a reversal bar pattern around 108.99...