The FX_IDC:USDJPY pair has retraced after hitting the long term trend line. The pair seems to be forming a bearish harmonic pattern, at the moment. If we are right, price will go and retest trend line and the main resistance area, in which case we can take short position with an excellent risk reward ratio. Suggested entry: 106.951 Suggested SL: 107.2 TP: 104.290 R/R: 4.6 Trade with care.
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View on the Daily timeframe:
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SELL AREA AND STOP LOSS
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Sell the pullback only if 1Hr timeframe closes below triangle break and wait for pullback always on the 1hr timeframe.