USDJPY was in an uptrend but recently reached a resistance area. A double top reversal pattern was formed at this reversal area. It went in a bearish direction and is currently in a retest stage. Using my fibonacci tool price can break through support retest and continue bearish from 106.000 area down to 105.250 area. The take profits I have is at fib levels.
TP 1 is at 38.2 fib level
TP 2 is at 50 fib level
TP 3 is at 61.8 fb level
Confirmation for the sell on UJ
- Failing to break resistance
- Forming a double top reversal pattern
- Breaking the neckline / retesting of the reversal pattern
- Broke through the bullish trend line
- Retesting the trend line it broke through
My analysis is just for educational purposes. I do not call out signals. If you agree with my analysis please like or comment your input.
#Trustyourownanaylsis
TP 1 is at 38.2 fib level
TP 2 is at 50 fib level
TP 3 is at 61.8 fb level
Confirmation for the sell on UJ
- Failing to break resistance
- Forming a double top reversal pattern
- Breaking the neckline / retesting of the reversal pattern
- Broke through the bullish trend line
- Retesting the trend line it broke through
My analysis is just for educational purposes. I do not call out signals. If you agree with my analysis please like or comment your input.
#Trustyourownanaylsis
Note
price hits first tp at the 38.2 fib level and support area
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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.