bearish flag pattern on dollar yen
Updated
hey guys,
very interesting market sentiment on usdjpy pair.
as you see, we have a very nice rising channel.
reaching 111.0 level we see a formation of a double top pattern and rsi divergence.
the market leaves us clues that bullish momentum is exhausted and potentially
bears start to pressure the market.
right now I will be looking for a bearish violation of 110.4 level.
this violation will trigger a massive selling reaction from market participants,
so we can anticipate strong bearish movement to lower levels.
good luck!
Note
no breakout...retest of the high
Order cancelled
new higher high
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