USDJPY: Time for a Correction
Update: first target hit, moved stop to break-even
Closed first half at first target= +90
Closed second half at 102.11= +74
An outside bar on a test of 1.618 extension level and potential reversal zone for a bearish Crab Harmonic pattern. The pattern's target is near the 38.2 retracement level at 101.00. A more conservative target at the low of the outside bar at 101.96. A break above the high of the bar may negate this setup.
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Closed first half at first target= +90
Closed second half at 102.11= +74
An outside bar on a test of 1.618 extension level and potential reversal zone for a bearish Crab Harmonic pattern. The pattern's target is near the 38.2 retracement level at 101.00. A more conservative target at the low of the outside bar at 101.96. A break above the high of the bar may negate this setup.
twitter.com/thefxchannel
thefxchannel.com
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