hey traders,
today pay attention to usdjpy.
a recently reached 108.0 level has proved its significance and for now, buyers could not manage to breakthrough.
on 4h we see a formation of a rising parallel channel called a bearish flag formation,
this pattern is considered to be bearish because the major leg preceding it is bearish.
taking into consideration the long term bearish trend we are looking for a new wave to the downside.
perfect trigger for us to open short is a breakout of the flag to the downside!
it will signify the exhaustion of buyers and shift in sentiment.
target levels will be:
105.3
102.3
stop will be above the higher high within the flag.
be patient and do not jump in without confirmation!
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