Nathanp7
Short

USDJPY Simple Price Action

FX:USDJPY   U.S. Dollar / Japanese Yen

On the daily time frame we have entered a downtrend with lower highs and lower lows.
Price has now finally completed its exhaustion phase and we are looking for a continuation to the downside.
Here on the 4 hour chart we have an ascending wedge which is price correcting itself before a push to the downside.
I am looking for a third touch on the top of the trend line on the ascending wedge and confirmation on the 1 hour chart of a bearish pin bar or engulfing bar to confirm a sell position.
110.93 is also a fib retracement level of 0.61 on the 4hr chart.
I have also used the bar pattern to determine where price may reach, using the range from the previous impulse to the downside from 111.69 to 109.70

Let me know your thoughts and questions on this that would be appreciated!

For more trading ideas and updates, follow me on Instagram @nath_pilkington

Thanks

Nath
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