Story : USDJPY is forming a series of LH and LL (Bearish Trend). market has retraced to a Fib level of 50 Percent of long rally - thus forming a Bearish Flag Pattern. There is no divergence on the chart therefore we are not looking for any Harmonic or trend reversal patterns.
Anticipate : It is anticipated that market will follow a bearish trend
Plan: we plan our entry on the break of neckline which is our entry point and we keep our Stop loss as defined in the charts (above HH)
Our TP1 would be as defined in the chart (which is also projection based on continuation pattern) - TP1 would respect the support level of 121.680
Our TP2 would be as defined on the chart.
Anticipate : It is anticipated that market will follow a bearish trend
Plan: we plan our entry on the break of neckline which is our entry point and we keep our Stop loss as defined in the charts (above HH)
Our TP1 would be as defined in the chart (which is also projection based on continuation pattern) - TP1 would respect the support level of 121.680
Our TP2 would be as defined on the chart.
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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.