USDJPY - Falling wedge consolidation

May 1, 2020

USDJPY pair experienced very turbulent past weeks as price dropped to strong monthly support around 100 and got high volume bounce. Currently, price is reversing and consolidates in falling wedge pattern above 0.5fib level.

May 12, 2020

Note

So far so good, entries were filled, price broke up. Now we want to see price consolidate a bit above 107.

Move stop to entry from now on and take partial profit if you like. Break and close below 107 on 12h would be dangerous.

May 14, 2020

Note

Closing the trade at 106.837 to secure some profit. I do not like the price action anymore as it is failing to bounce from 107.

Profit is profit. Enjoy!