USD/JPY carving out an M-Top candle pattern - SHORT from 149.82
USD/JPY has hit resistance at 150.38 and is retreating south.
There's a clear M-Top candle pattern forming.This along with W-Bottom's are 2 of the most relaible candlestick patterns you should look for.
If the price declines to 149.82 then this will be our entry SHORT.
STOP is above the recent highs and take profit is the 200 EMA on H1 at 149.40 though as ever these STOPS and TP's are guidelines as all my trades are actively managed so these levels will frequently change.
Note that we have potentially significant USD news at 13:30 GNP in less than an hour.
US news this week has so far seen some large moves with many numbers missing by several percent.
News at 13:00 is PPI which is usually a huge market mover but any large deviation from the expected 1% estimate will no doubt shift the USD.
We also have Prelim UoM Consumer Sentiment which isn't usually a huge mover but we must also rmember its Friday and in 3 hours or so traders will be leaving their desks so volumes will shrink and this can either lead to wild swings or sideways movement of price.
There's a clear M-Top candle pattern forming.This along with W-Bottom's are 2 of the most relaible candlestick patterns you should look for.
If the price declines to 149.82 then this will be our entry SHORT.
STOP is above the recent highs and take profit is the 200 EMA on H1 at 149.40 though as ever these STOPS and TP's are guidelines as all my trades are actively managed so these levels will frequently change.
Note that we have potentially significant USD news at 13:30 GNP in less than an hour.
US news this week has so far seen some large moves with many numbers missing by several percent.
News at 13:00 is PPI which is usually a huge market mover but any large deviation from the expected 1% estimate will no doubt shift the USD.
We also have Prelim UoM Consumer Sentiment which isn't usually a huge mover but we must also rmember its Friday and in 3 hours or so traders will be leaving their desks so volumes will shrink and this can either lead to wild swings or sideways movement of price.
Trade active:
V. Bullish print for US PPI has seen a burst of dollar buying. The structure remains in tact for the time being but if we have 15 bars and the trade has not triggered then this oder will be cancelled.