USDJPY reached a year's high. Being a major key level, we will try to catch a pullback from that.
111.6 - 111.8 is our potential reversal zone. The confirmation that we are looking for is a bearish violation of a rising parallel channel on 2H time frame. That will be a trigger for you to short.
First support will be 110.84
In case of a bullish breakout of the underlined structure on a daily, the setup will be invalid and further bullish continuation will be expected.
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@VasilyTrader, thanks...i think fed speech was the key factor in getting stopped out
molan2
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Your Analysis is absolutely correct, i love it, but i want us to check through the weekly and monthly chart with available indicator(s), it pointing upward, let wait to see the close b4 any action. Thanks boss
that will be our confirmation!