This USD/JPY 2-hour chart shows a potential double top pattern, a classic bearish reversal signal. Here's a breakdown of what's visible and implied:
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🔍 Key Observations:
1. Double Top Formation (highlighted by red thumbs-down icons):
Price was rejected twice from the resistance zone (~146.50–147.00).
Suggests strong selling pressure at that level.
2. Neckline / Support Break Target:
The yellow shaded area at the bottom (~140.00–140.50) represents a major support zone and target point.
If price breaks the neckline (~143.30), further downside to the support zone is expected.
3. Projected Move:
Black arrows illustrate a forecasted drop toward the support zone, possibly after a small pullback.
The large blue arrow reinforces the bearish sentiment.
4. Ichimoku Cloud:
Currently above the price, adding to bearish pressure.
Suggests potential resistance during any upward correction.
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🧭 Trading Insight:
Bearish Bias: The chart signals a short opportunity if the price confirms a breakdown below 143.30.
Confirmation Needed: Look for a strong candle close below the neckline and high volume.
Stop-loss idea: Above the cloud or resistance zone (~147.50–145.00).
Target: The support zone (140.00–140.50).
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Would you like help setting up a detailed trade plan or backtesting this pattern?
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🔍 Key Observations:
1. Double Top Formation (highlighted by red thumbs-down icons):
Price was rejected twice from the resistance zone (~146.50–147.00).
Suggests strong selling pressure at that level.
2. Neckline / Support Break Target:
The yellow shaded area at the bottom (~140.00–140.50) represents a major support zone and target point.
If price breaks the neckline (~143.30), further downside to the support zone is expected.
3. Projected Move:
Black arrows illustrate a forecasted drop toward the support zone, possibly after a small pullback.
The large blue arrow reinforces the bearish sentiment.
4. Ichimoku Cloud:
Currently above the price, adding to bearish pressure.
Suggests potential resistance during any upward correction.
---
🧭 Trading Insight:
Bearish Bias: The chart signals a short opportunity if the price confirms a breakdown below 143.30.
Confirmation Needed: Look for a strong candle close below the neckline and high volume.
Stop-loss idea: Above the cloud or resistance zone (~147.50–145.00).
Target: The support zone (140.00–140.50).
---
Would you like help setting up a detailed trade plan or backtesting this pattern?
Trade active
Trade activeTrade closed: target reached
trade active
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.