USD/JPY: Looking for downtrend continuation...
This pair is clearly in a corrective structure. On the weekly I'm watching a bullish bat coming to form so I believe the downtrend may soon continue...
Several possibilities:
- Breakout of the trendline in the coming 1-2 days would be a good short, possibly to complete a bullish shark!
- If the bullish shark completes we might have a good counter-trend long trade...
- A shark often turns into a 5-0 pattern, which we can short again...
- If we move further up from here a possible bearish butterfly pattern might complete to give us a really good R/R short trade (add shorts on trendline breakout!)!
>> The possible smaller timeframe triangle might give us a good breakout trade in the coming hours/day already and might shed a light on the completion of either the shark or the butterfly! Or of course something completely different..., don't forget that!! ;-)
Several possibilities:
- Breakout of the trendline in the coming 1-2 days would be a good short, possibly to complete a bullish shark!
- If the bullish shark completes we might have a good counter-trend long trade...
- A shark often turns into a 5-0 pattern, which we can short again...
- If we move further up from here a possible bearish butterfly pattern might complete to give us a really good R/R short trade (add shorts on trendline breakout!)!
>> The possible smaller timeframe triangle might give us a good breakout trade in the coming hours/day already and might shed a light on the completion of either the shark or the butterfly! Or of course something completely different..., don't forget that!! ;-)
