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USD/JPY: potential harmonic pattern
2022-05-17 • Updated
Trade idea
SELL 107.40; TP 107.05; SL 107.55
USD/JPY is forming on the H1 what looks like a bearish “Butterfly” pattern. The pattern will allow the pair to rise to the 107.50/60 area (limited by the 100-day MA and 100-period MA on the H4). There’s also an obstacle in the form of the 200-period MA on the H4 at 107.40. After the advance to the mentioned levels, the pattern should trigger a decline to the 107.05/00 zone. Trading the pattern should involve some on-the-spot decision making: if you see the signs of reversal near 107.60, you can sell there. If the pair gets above 107.40 and then returns below it, it will mean that the upside is over and a short-term decline has started, so once again you will be able to open a short position. The rise above 107.70 is needed to open the way up to 108.00/50.
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