USD/JPY long

8 Nov 2017

The market is still technically downtrending on the weekly despite continuous testing of the existing (blue) weekly trend line. Both the daily and 4 hour timeframes show that the pair is moving sideways. As a result, this indicates a market neutral approach in the short run. We can open "pattern" positions inside these consolidation zones to benefit from short term moves, as it is shown here. I've spotted a potential bullish bat pattern and decided to open a short term long position inside the sideways moving market. Stops are placed quote low as to avoid increased volatility and profits are placed at a potential resistance line shown by the daily timeframe