There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/JPY: sell the USD
SELL 112.1 SL 112.65 TP1 111.1 TP2 110 TP3 109.6
On the daily chart of USD/JPY, bears try to implement the combination of the "Three Indians" and "Spike and Ledge" reversal patterns based on the 1-2-3 one. They also try to pull the pair out of the triangle's borders and the lower border of the upward channel. If they succeed, the risks of the bullish trend's reversal and the fall towards the 88.6% target of the "Shark" pattern will increase.
On H1, if the support at 112.1 is broken, the "Crab" pattern will be implemented again. The 161.8% target of this pattern comply with the 109.6 level.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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