Bottom Wedge USD/JPY - Which side will we see a breakout from ?

16 sty

-> Following USDJPY downfall, price almost fell two percent this week.

-> Bottom wedge was identified, which side it will break down to is still to be determined. Either way, an upside breakout can justify a scalp on 5-15 min timeframe a after consecutive bull bars are seem. Looking at the other side of the coin, a downside breakout would lead to a third leg down a indicate that the bear trend is soon halting or reversing.


-> Most importantly, be cautious and patient with such trades, wait for breakout and follow through buying- or selling- to place trade. Remember that USD/JPY is reversing with a strong Yen and odds favour bears, as seen with bear flag on this 4h chart:


Will the bear flag will get a secong leg and gain downside momentum?, or will we have a failed trading range breakout with a short term reversal around the 156.000 area is still to be determined.

B setup

Peace

16 sty

Zlecenie aktywne

Short taken following downside break, next target is 154.000, 20 EMA on hourly timeframe will act as resistance.