An updated Bearish White Swan Pattern for USD/JPY which I already posted last week, however, as price surged higher the entry and stop/loss levels have altered slightly.
Note that this pattern will be invalid with a close above the 111.874 level (3.140 of BC).
Trade 1 short (RvR ratio 3.27) Entry: Close below 110.950 and below 10 SMA) S/L: 111.500 T/P 1: 110.538 T/P 2: 110.009 T/P 3: 109.632 T/P 4: 109.152
Trade 2 short (RvR ratio 2:1) Entry: Close below and rejection at 109.152 S/L: 109.405 T/P 5: 108.646 As always, scale out your profits - especially now with a strong DXY exit strategies are crucial - and adjust stop/ loss levels to suit your personal risk management profile.
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