Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
USDJPY bounced off the top of the range from 82.50 to 84.50 and formed a nice bearish engulfing pattern in the four hour chart.
It’s better to wait for a small retrace to 84.20 to go short but this setup in H4 chart will be short at 84.01 with stop above 84.55.
Our target would be that trendline which shows near 83.40.
I have to note that still keep your positions tight because of crazy behaviour of the market this week.
If price went beyond 84.35 and a four hour candle closed above this level then I will close my short positions and looking for a long setup.
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