Im already short on the US Dollar through my USDCAD short yesterday, I've since seen some more confirmations of Dollar weakness so am now doubling down on shorting the Dollar. See my previous setup here -
We have numerous confluences with this trade idea, broken trendlines being retested, head & shoulders patterns and golden Fibonacci zones.
- USDJPY recently broke below its accending trendline and has quickly returned to retest this as resistance now.
- This retest coincides with both the 67 - 72 Fib retracement of the overall bearish trend move.
- If this pair does indeed fall from the current level as expected, its going to form a classic H&S pattern.
Stops in safety above the previous highs, on the other side of trend line and above Fib Zone.
Take Profit targets at the lows
We have numerous confluences with this trade idea, broken trendlines being retested, head & shoulders patterns and golden Fibonacci zones.
- USDJPY recently broke below its accending trendline and has quickly returned to retest this as resistance now.
- This retest coincides with both the 67 - 72 Fib retracement of the overall bearish trend move.
- If this pair does indeed fall from the current level as expected, its going to form a classic H&S pattern.
Stops in safety above the previous highs, on the other side of trend line and above Fib Zone.
Take Profit targets at the lows