Short at point D (after occurrence of a candlestick reversal pattern) confirmed by AB=CD + strong resistance + 61,8% Fibo. SL above the candlestick pattern and the resistance (keep some space). TP 1 confirmed by previous support. TP 2 at 78,6% Fibo confirmed by previous lesser support and a possible Cypher Pattern.
So last time I've published an idea for USDJPY short setup. Of course it's still possible but here I'd like to show you guys a strong support where the prices may struggle or even reverse. Why? 1. 50% Fibo 2. At this level MAs 50 and 200 are really close to each other (they often act as support/resistance) 3. Lesser round number (120.200) 4. Possible hidden ...
As you see the trend isn't really strong, we had some candlestick patterns earlier and now there're some at the resistance level. The prices have formed a rising wedge which is another short signal. A good idea might be placing a sell stop order somewhere at 0.973 SL above the resistance level and the candlestick patterns TPs at old support levels
Enter short at current market price or at breakout somewhere at 120.2 Entry confirmed by previous strong support/resistance level (seen on D and H4 chart) and a candlestick formation An ABCD Pattern is possible (complete at TP 2 area) TPs confirmed by previous supports SL above the candlestick formation