USDJPY waiting for 2 different patterns, give us 2 different opt
USDJPY also finished the movment and give us 2 different options.
Option 1: double bottom option:
the USDJPY move toward a ranged support and resistance between price 111.423 and 110.81, the USDJPY has been touch the both Prices twice, if the price move upward and break the price of 111.423, this could
give us a double bottom patterns shape and a long position reason, and a SL below the current lowest price of 110.81 abt 10 pips with a TP of 112.246 and final TP of 113.685.
Option 2: bearish rectangle option:
the alternative option is the price is break out the recent lowest price which is 110.81 and indicate the pattern of Bearlish rectangle. If this happen, the entry price wll be below 110.81 and SL @price above 111.423, properly about 111.523 which is 10 pips above the recent resistance line, and the TP is about 109.80 which appx 1:1 winning ratio.
Option 1: double bottom option:
the USDJPY move toward a ranged support and resistance between price 111.423 and 110.81, the USDJPY has been touch the both Prices twice, if the price move upward and break the price of 111.423, this could
give us a double bottom patterns shape and a long position reason, and a SL below the current lowest price of 110.81 abt 10 pips with a TP of 112.246 and final TP of 113.685.
Option 2: bearish rectangle option:
the alternative option is the price is break out the recent lowest price which is 110.81 and indicate the pattern of Bearlish rectangle. If this happen, the entry price wll be below 110.81 and SL @price above 111.423, properly about 111.523 which is 10 pips above the recent resistance line, and the TP is about 109.80 which appx 1:1 winning ratio.