USDJPY - Potential short opportunity with Bearish Shark daily
On the USD/JPY we can see a potential Bearish Shark forming on daily chart .
The PRZ of the pattern is located between 114.70 – 114.66 including powerful 0.886 and 1.618 ratios.
In addition we can see that PRZ is converging with the last downtrend wave (1-2) at 0.618 which in my opinion significantly increases chance of the potential reversal.
First TP is placed at the 38.2% of the CD leg at 112.17 (253 pips from PRZ).
Second TP is placed at the 61.8% of the CD leg which is 110.62 (408 pips from PRZ).
Stop Loss would be placed above X point of the structure.
Best trades!
The PRZ of the pattern is located between 114.70 – 114.66 including powerful 0.886 and 1.618 ratios.
In addition we can see that PRZ is converging with the last downtrend wave (1-2) at 0.618 which in my opinion significantly increases chance of the potential reversal.
First TP is placed at the 38.2% of the CD leg at 112.17 (253 pips from PRZ).
Second TP is placed at the 61.8% of the CD leg which is 110.62 (408 pips from PRZ).
Stop Loss would be placed above X point of the structure.
Best trades!