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TeePeeFX

USDJPY channel break with interesting targets...

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
TeePeeFX Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators Parallel Channel Ascending Channel Divergence confluence pullback Fibonacci Extension
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trendanalysis chartpattern indicator parallelchannel ascendingchannel divergence confluence pullback fibonacciextension
Last week gave a break to the downside of an ascending channel on this pair. we also took out (and pulled back) an ascending Trendline in the process.
What i like about this setup is that the fib ext targets sir right on the low of the previous rally.

Fridays daily close also presented a bearish engulfing candle.

We can see the MACD gave a clear indication that the channel was weakening.

I will be looking for shorts on this pair the coming week - The potential pull-back area is not "set in stone", just a reference. As above, i will be looking for confirmation to short this pair.
Trade closed: target reached
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