28/12/2016

Market is at resistance there are few other resistance levels above which have held for quite some time and are yet to be broken. Now this pair is not making higher highs and lows on lower timeframes, this might perhaps be a start of a retracement.

On H1, two short term trendlines have converged forming a triangular type of pattern, which is in most cases a continuation pattern. Bull short term trendline has broken,and in the process price also took out the short term bear trend. Price tested the bear trendline giving me a opportunity to enter long in at support up to Resistance/short term bull trendline.Because of the nature of trading I have a exit plan on M15 if things change.

I’m still looking for a pattern to trigger the reversal

USDJPY28.1

USDJPY28.2

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