Despite a very strong upward trend, I believe that today’s failed attempt to draw new high gives a chance for correction. Growth channel (blue lines), from which the breakout so far was unsuccessful can be broken through the bottom giving us a chance for a significant correction and opportunities to sell. What is worth mentioning is that the channel looks a bit like a Head and Shoulders pattern where level 113.90 would be the top of the Head and Shoulders are on the upper border of this channel.

USDJPY H1
USDJPY H1

Version for courageous – Sell now TP 111.62 SL 113.15
Version for prudent traders – Sell only after reflection from the lower band of ascending channel and than TP and SL 110.20 -112.70

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Dargo
Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.