USD/JPY -- 400 pip sell off??
USDJPY has continuously been supplied by 105.000 for quite sometime now, every bounce that has came from 105.000 has produced a Lower High in price.
The 109.709 level is the high close of 2019, and has consistently held price below. I believe this big bullish push back into the high this week could be a very big "Fakeout".
**Multiple Confluence levels** 5 Wave Structure completed, 3rd touch of the downtrend, triangle, etc. I am sure there are many different chart formations that can be found bearish in this structure. I won't waste time trying to identify them.
I will be looking to see if we get some rapid volatility back at the 109.700 psychological level, and look for a sell stop on any daily inside bars to minimize my exposure from any bull trap spikes above the 109.709 level.
Disclaimer: I stand behind my analysis 100% of the time. you should trade this set up the way that you know how to trade it, not based on me simply saying price will fall 400+pips from the 109.709 level.
The 109.709 level is the high close of 2019, and has consistently held price below. I believe this big bullish push back into the high this week could be a very big "Fakeout".
**Multiple Confluence levels** 5 Wave Structure completed, 3rd touch of the downtrend, triangle, etc. I am sure there are many different chart formations that can be found bearish in this structure. I won't waste time trying to identify them.
I will be looking to see if we get some rapid volatility back at the 109.700 psychological level, and look for a sell stop on any daily inside bars to minimize my exposure from any bull trap spikes above the 109.709 level.
Disclaimer: I stand behind my analysis 100% of the time. you should trade this set up the way that you know how to trade it, not based on me simply saying price will fall 400+pips from the 109.709 level.
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