USDJPY 4HR Short

Oct 23, 2020

so we saw a break from a head and shoulders pattern also a rising wedge on the right shoulder up to 61.8% Fib level for a great entry. Now we are seeing some retracement in form of a rising wedge pattern up to the 61.8% level and have seen some strong rejection. If you go down to the 1HR chart you will see a head and shoulders pattern forming within the 4HR rising wedge pattern, we have slight divergence on the stocastics and close to a crossover. you could enter now as its rejected the 61.8% level or you could wait for a break of the pattern.