USD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 114.856, 115.481, 116.000.
Key Support Levels: 114.329, 113.469, 112.780.
The price on the higher time frame failed to break the strong resistance around the 114.856 JPY mark and posted an engulfing bearish pattern which signals that the market might reverse and move to the downside in the coming hours.
USD/JPY Medium-Term Trend: Bearish
On the lower time frame, the price managed to break the bearish flag pattern to the downside where it found sellers around the 50.00% Fibonacci retracement. A higher correction could be seen before a new bearish impulsive wave toward the target profits.
Sell Limit Order @ 114.229
TP 1 @ 113.479
TP 2 @ 112.780
Stop Loss @ 114.559
Trade Safely 🙂