USDJPY Bearish Flag On The Daily Chart
FED makes U-Turn on the monetary policy. Now markets expect the Fed’s target range for the federal funds rate to remain unchanged for the remainder of the year, followed by rate cuts in 2020 as the economy starts to slide into a recession.
Today US NFP and Wages data will be released.
It may be early to enter a midterm trade before NFP. However, Powell’s latest statement tells us that the Emerging Markets ( EM), Gold and other safe-haven assets like JPY might be much more attractive for the investors midterm.
Description of the pattern: Anka ended the day at 108.85 yesterday, confirming a bearish flag pattern. Bearish flag pattern usually ends up accelerating the preceding bearish move. As per measured moved calculation, the ultimate target of the pattern is 103.000.
This trade is for midterm traders and can take more than a few weeks to be completed. Risk reward ratio is 1:3
Time Frame: Daily
Trade Period: Midterm
Estimated completion time: 4-16 Daily Candle Sticks
The trend in the Timeframe: Bearish
The trend in the Daily Chart: Bearish
Trade Based On Bearish Flag Pattern
The accuracy of the pattern: 83
Recommended Lot Size: 0.10 at 10K
The Area Of The Entry: 108.880
Stop Loss: Above 110.200
Target 1: 107.900
Target 2: 106.300
Target 3: 105.500
Ultimate Target: 103.200
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
USDJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility