A clear 5-wave bullish move has formed, with the fifth wave taking the shape of an ending diagonal, or what could also be termed a rising wedge pattern. Regardless of terminology, this is a bearish pattern with a high potential for reward.
Further confirmations include a bearish divergence between price and the MACD oscillator during the formation of wave five, as well as price reaching one of the key Fibonacci targets for the completion of the fifth wave.
To enter the trade, ensure you wait for a proper bearish breakout of a rising wedge pattern.
Further confirmations include a bearish divergence between price and the MACD oscillator during the formation of wave five, as well as price reaching one of the key Fibonacci targets for the completion of the fifth wave.
To enter the trade, ensure you wait for a proper bearish breakout of a rising wedge pattern.
Trade active
This trading idea is on its way to the downside. Trade active
As JPY is gaining more and more power since beginning of today we could expect more bearish move to come for this pair. 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.