USDJPY: Nice Sell Opportunity Before a Bug Rally

It' been a long time that I have been expecting the price to drop and reach the lower quartile of the daily upsloping pitchfork where I am planning to watch for a buy setup. At the moment, looking at the hourly chart, we see that price is developing a bearish flag pattern. Watch for a breakout below the flag and aim for the quartile. In case this setup works as expected the risk/reward ratio will be a fantastic one.

Daily upsloping median line:

Kommentera:

Price broke below the correction, has retraced and most likely it's going to start the drop. It's time to sell USDJPY :)