USDJPY - Yet another Shark Pattern spotted lower
MIssed out on the earlier short because the looming FOMC decision. Now we look for new trades on the pair.
Pattern Identification
There is a bullish Shark pattern completing lower at the 112.05/30 level. Only when it reaches those level, then I will be interested to go long.
Trade execution
For this moment, let's monitor the price movement. If it creates a bear flag (retracement up), I could look to first go short targeting the Shark Pattern buy.
Price overextended from last night's fall, RSI at the oversold zone. I believe there will be some correction for us to get into a short before the long. at 112.05
Pattern Identification
There is a bullish Shark pattern completing lower at the 112.05/30 level. Only when it reaches those level, then I will be interested to go long.
Trade execution
For this moment, let's monitor the price movement. If it creates a bear flag (retracement up), I could look to first go short targeting the Shark Pattern buy.
Price overextended from last night's fall, RSI at the oversold zone. I believe there will be some correction for us to get into a short before the long. at 112.05
Wanted to see some reaction at this 112.05 levels but didn't get any. Price bashed through the PRZ and this is one of the MAJOR warning signs to not take the long trade.
Currently price price hovering at Point X (111.50/65). If there is to be a rally, the price should take some time to stabalise here before it can start turning up.