Short Idea on USDJPYUSDJPY made an attempt to breakout from symmetrical triangle pattern on 12/6/2024 before US CPI Data released.
After US CPI Data released on 12/6/2024, the USDJPY dropped tremendously from 157.37 to 155.75 level.
Today 13/6/2024, USDJPY climbed to sensitive rejection level 157.35 again.
On 4-Hours Timeframe Chart, you can see a potential Head & Shoulder Formation.
The USDJPY Price is currently forming a possible right shoulder, which potential peak will be at between 157.30 to 157.40 area.
If a Solid Bear candlestick formed break the support of 156.90 Level, you will see a waterfall happening to 154.90 level.
My Entry Price: 157.26
Profit Target: 154.90
Stop Loss: 158.15
Risk : Reward: 1 : 2.61
