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USD/JPY made Rising Wedge and Head & Shoulder patterns

Here is our sell trade setup on D1/daily time-frame based on the Rising Wedge pattern:

Here is a sort of Head & Shoulder pattern on H4 time-frame:

Risk: SL above right shoulder.

Fundamental: In this week, we're not expecting any conclusive positive news about US-China trade deal phase1, so bullish optimism will wane a bit. We are not expecting US retail sales to surprise either. Note that USD/JPY fell despite recent US data (CPI, core CPI, PPI and core PPI) were neutral/slightly positive (not surprisingly positive though). It shows market's reluctance to buy greenback this week.

1 comment


K Trade
K Trade

In last few days, many positive and negative tweets/news about US-China trade deal came out, which kept JPY from gaining. USD/JPY didn't fall with such a speed that is anticipated after breakout of wedge pattern, meanwhile swaps on the trade kept increasing. Therefore, I closed sell of USD/JPY at BE as this new tweet came out.

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