USDJPY update 17/02/2023 Bearish to continue after a breather
The price index has formed Bearish Flag chart pattern.
The new low is now effectively in placed.
This consolidation is completed within a parallel channel
The buyers have started to take the price upward a bit but the sellers will soon activate to rebound after a breather.
The consolidation phase is short and less choppy. Secondly, the price has text book retracement of 38.23%. These are two
strong indication of bearish trend continuation pattern.
Short Trade entry may be considered on break-out from the consolidation zone
And formation of bearish momentum C\S price action with RRR.
P.S. Chart Assessment is entirely based of proposed probabilities and only for academic purposes.
It is not a trade recommendation of any kind. Please do your own assessment & research before
taking decision to execute any trade transaction.
Please Subscribe, Like and share for more Trend Analysis and Chart Assessments.
The new low is now effectively in placed.
This consolidation is completed within a parallel channel
The buyers have started to take the price upward a bit but the sellers will soon activate to rebound after a breather.
The consolidation phase is short and less choppy. Secondly, the price has text book retracement of 38.23%. These are two
strong indication of bearish trend continuation pattern.
Short Trade entry may be considered on break-out from the consolidation zone
And formation of bearish momentum C\S price action with RRR.
P.S. Chart Assessment is entirely based of proposed probabilities and only for academic purposes.
It is not a trade recommendation of any kind. Please do your own assessment & research before
taking decision to execute any trade transaction.
Please Subscribe, Like and share for more Trend Analysis and Chart Assessments.