This is a great setup. We target the trendline around 104.80 for a sell. If we get filled the USDJPY should drop 40 pips or more. We’ll look for an ABC pattern to be created on bounce down from this daily trendline.
This daily trendline bounce would serve as confirmation of a larger move down as well so we’ll have to keep an eye on the move from the larger timeframes for the next 2 days.
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