PATTERN: DESCENDING TRiangle
Indicators: Bearish candlestick close,
Wait for the pullback to the resistance, to short it further down.
R:R = 5.11
Comment, share, follow and like us, it means alot to us and our contribution to this beautiful community.
I expect a final push into the key level marked before we see any signs of a sell off. This is a good area to place a buy limit because it is an order block region and the SL is protected by the ascending trendline.
Sentiment Data - 66% Long
COT Data - 64% Long
Price dipped as expected from my previous analysis. The price action tested the inclined resistance of the descending triangle. Market is currently printing the Head and shoulder reversal pattern. A breakout below the neck line support will be a bearish signal ↘️.
Fundamentally speaking the odds are stacked against USD and towards the safe haven Yen.
USD = -6
JPY - 23
GDP Diff = Short bias
IR% Diff = Short bias
International Trade = Short bias
Stock Market = Short bias
USD COT = Short
JPY COT = Neutral
Trend = Short
Looking for longs on USDJPY going into NY session, DXY chart looks the same and is forming a Right Shoulder atm.
Will be watching this pair closely along with DXY between 11AM - 1PM GMT on the lower timeframes for an entry should this come through.
USDJPY NEW BUY ALERT PRINTED ON OUR 1HR STRATEGY.
PLEASE USE APPROPRIATE RISK MANAGEMENT !
OUR STRATEGY EXPLAINED:
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish...