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USDJPY Bullish Shark Pattern and Long Opportunity TP2 Reached

USDJPY Bullish Shark Pattern and Long Opportunity

Description: We have a Bearish Shark pattern and reached the first target. The second target of the pattern is 113.600. Breakout of 113.600 support will lead the price toward  38.2 Fib Retracement. A bullish shark pattern would be completed at D. Potential retracemen opportunity.

Trade Period: Intraday Trading

Pair / Instrument: USDJPY

Time Frame: H1

The trend in the Timeframe: Bearish

The trend in the Daily Chart:  Bullish

Trade Based On: Bullish Shark Harmonic Pattern

Accuracy: %87

Recommended Lot Size: 0.05@ 10 K Account with 1:100 Leverage

Trade:  Long

The Area Of The Entry: 113.100 – 113.040

Stop Loss: Below X 112.900

Target 1: 113.400 / TP1 Reached / 30 Pips

Target 2: 113.600 / TP2 Reached / 50 Pips

Target 3: 113.800

You can follow the setup: USDJPY Bullish Bat

What to pay attention: If the pattern does not work as predicted, second long entry opportunity can be found at 112.800 – Fib 1.13 extension – with the same targets.

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

USDJPY Bullish Shark Pattern: 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.

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