A small Head and Shoulders is forming on USDJPY that may provide a good entry for a longer term short. Short term TP at $109 while longer term TP is at $104. A stop hit right above the top around $109.75 would invalidate this trade.
The pattern shows up clearer on lower time frames, however 15M was the lowest it'll allow published.
The pattern shows up clearer on lower time frames, however 15M was the lowest it'll allow published.
Order cancelled:
This pattern didn't complete. however other's have noted harmonics that appear to fit the price action better. I'll still be looking to execute this trade if the price does come back down as expected.
Trade active:
Now it's active, stop loss was set to $109.9 as that gives a decent short term R/R while giving some wiggle room to any bulls that may be getting trapped. It is also the pivot above a previous move down that should provide strong resistance.
Comment:
Long term target is near a previous yearly pivot.