1. Pair is in a downward channel on Daily chart, creating lower highs and lower lows with next anticipated low to be around the 109.5 region.
2. Friday's daily candle closed as a bearish shooting star, rejected off the 111.5 key level.
3. Pair has created an ABCD pattern (4 hr) with the D extension to be created at price 110.268.
4. EMA's show bearish momentum
Therefore my bias is short on USDJPY with first TP at 110.268 from 110.820 entry price.
2. Friday's daily candle closed as a bearish shooting star, rejected off the 111.5 key level.
3. Pair has created an ABCD pattern (4 hr) with the D extension to be created at price 110.268.
4. EMA's show bearish momentum
Therefore my bias is short on USDJPY with first TP at 110.268 from 110.820 entry price.
Comment:
Pair turned 6 pips from hitting target. I believe it still has room for a further decline to the 109.5 region. All in all am happy with the analysis.
Comment:
Pair eventually took out take profit limit and reversed.