Weekly UJ chart showing signs of deceleration and reversal with a doji just beneath our resistance level. Daily also showing some doji's as well as a nice high test just piercing the resistance level trend line. Our 4h and 2hr time frames confirm the deceleration and rejection with a double top. Indecision and consolidation build up just below our resistance level, waiting for a break out and retest of our 1hr and 2hr 50 EMA before entering short. 3:1 RR, 40 pip stop / target of support at 108.509 (120 pips)
Trade active:
Trend line broken, 50 EMA retested and rejected on the 1hr and 2hr, just waiting for the break through and retest on the 4hr before we can move stop to entry for a risk free trade.
Trade closed: target reached