USDJPY Daily Double Bottom/ Reversal set up?
USDJPY in a downtrend with well defined lower highs and lower lows.
We then began to show signs of the trend exhausting at the 107.00 zone, even seeming to create a double bottom here (not an ideal textbook example).
Would wait to see a break above the 108.95 zone before entering, or if we see another higher low very close to the resistance zone. Target would be in blue above the 110.50 zone, however pay attention to the zone shown with the black line, the 109.70 zone.
We then began to show signs of the trend exhausting at the 107.00 zone, even seeming to create a double bottom here (not an ideal textbook example).
Would wait to see a break above the 108.95 zone before entering, or if we see another higher low very close to the resistance zone. Target would be in blue above the 110.50 zone, however pay attention to the zone shown with the black line, the 109.70 zone.