Pattern: Double Bottom/Breakout setup
Observation: Price appears to have successfully break resistance @107.000 and it's currently experiencing a correction into the zone to make new support.
Trading possibility: BUY now or at the completion of correction into 106.500 zone with...
Next up we have USD/JPY after the recent flash crash I feel like we should let the market chill out a bit and sit on our hands. I personally feel a 109 retest is coming soon and we can capitalize on a potential bounce or break set up. If we break the descending trend line 110 will be met rather quickly. If we bounce off the descending trend line my next downside...
wait until reach the zone ...
then wait for price action, and enter the trade ..
when we see the conformation for short the SL can be smaller than that, so we can earn more ration for profit ;)
I'm looking at a Bullish trend forming, but ill be looking for a retest to confirm my Buys, if price respects the 50%..if it breaks it, I will wait for a retest of reversal patterns to go test the 108.00 area. (Feel free to leave a comment)
USDJPY bounced off 106.706 where it could potentially rise further to 108.481.
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