has been in a constant downtrend making the lowers lows and lower highs. Last week, price consolidated in between the major trendline
and strong weekly support. I have marked this period with a grey rectangle
. I don’t believe price will break through the trend again due to how many times it has been tested. The Yen has also proven to be signalling weak price action throughout the major Yen pairs. I am now waiting for confirmation which will be the breakout of the consolidation period, the break of the weekly support and the break of the counter bullish trend line
. My target for this pair will be the last lower low for safety even though it could possibly push further. My SL is just above the consolidation period also placed for safety making this a 1:2 Risk/Reward trade.