Categories: Technical Analysis

USDJPY remains bearish as long as last high holds

Pair did well yesterday after the false break and moved lower as expected. Now as long as it holds the last highs we can expect it to duplicate the first H4 wave. We can join with the break of the flag that is being formed currently, well seen on the H1 chart.

Entry:
H1 – follow the flag that is being formed after the first down wave. We can short the pair with the break of the flag.
Target 1: 120.50 – Wave Duplication
Target 2: 120.00 – up trend line
Stop Loss: above broken trend line (of the flag) and resistance

Video Explanation

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.