2018Oct10 USDJPY H1 Double Top-2618

10 Eki 2018

USDJPY has been on a recent downtrend and there is a double top with broken neckline. As I am expecting the downtrend to continue, I will set a sell limit order at the 61.8 Fibonacci retracement level (also at a trendline resistance) of the swing high (right top) to swing low. Stop loss is just above the 2nd top while the take profit target is at the recent swing low. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:

Trade Setup: Double Top-2618
Price Entry 113.155
SL 113.380 | SL pips 22.5
TP1 112.872 | TP1 pips 28.3
RRR1 1.26