UDS/JPY Falling to 146.000!? Double Top Reversal Signal Complete

17 Nov 2023

UDS/JPY has a double top reversal signal on the Daily candles and a triple top on the 4HR candles with a massive gap to fill. This reversal signal happened at a key level, 152.00 which is the previous high from October 2022. As shown in my previous prediction, a short position is reasonable at this level. The double/triple top is the confirmation of that short, which increases the probability of profit significantly.

If there was a time to short in this bull channel, it would be now.


Key Points

1. Double Top Reversal Signal on the Daily Chart
2. Triple Top Reversal Signal on the 4HR Chart
3. Gap to bottom of the channel at 146.000
4. The lowest target price is the Previous Channel High of 145.000
5. RSI at 52.00, Plenty of room to fall and supports #1-4


You are solely responsible for your trades, trade at your own risk!


Let us know what you think in the comment section below!

17 Nov 2023

Catatan

Would be helpful if I titled this "USD/JPY" instead of "UDS/JPY"! Missed my window to correct that.

20 Nov 2023

Catatan

The USD/JPY price was rejected at the 4HR 200EMA (150.000) and just 20 minutes ago a nice big bear bar closed near its low. If this 4HR candle closes near its low, expect more downside.

My short entry was at 150.478, stop loss at 150.838, first take profit just hit at 149.115 (sold half my position, 1:2 Risk/Reward). The stop loss has now been moved up to just beyond my entry at 150.400, this trade is now locked in profit.

The remainder of my position will be held until 147.120 is achieved, or if we get a strong reversal bar before then.

23 Nov 2023

Catatan

Took profits for the third and final time at 147.436 after we got a double bottom on the 1HR. More updates on USD/JPY coming in another idea soon!