Harmonic Pattern in USD/JPY - Potential Sell Opportunity?
This 4-hour USD/JPY chart shows a well-defined harmonic pattern, indicating a potential downward move. The price has reached the resistance zone at 144.475 (point D), which aligns with the completion of the pattern and suggests a possible selling opportunity.
Key points of the analysis:
Pattern: The chart features a harmonic pattern (likely a Gartley or Bat), which signals a trend reversal after point D.
Important levels: The key resistance level is at 144.475, while immediate support is found at 143.161. Below that, the next significant support is at 141.339, as indicated by the take-profit (TP) area.
Indicators: While the chart shows signs of exhaustion in the upward movement, I'm waiting for confirmation of the downward move. A break below 143.161 would strengthen the selling scenario.
Expected scenario: If the price remains below the resistance at 144.475 and breaks through the support at 143.161, there is room for a decline toward 141.339, where the take-profit is set. However, a break above 144.475 would invalidate the selling scenario.
What do you think? Do you believe the pattern will confirm and the price will drop? Share your thoughts below and post your own analysis!
Key points of the analysis:
Pattern: The chart features a harmonic pattern (likely a Gartley or Bat), which signals a trend reversal after point D.
Important levels: The key resistance level is at 144.475, while immediate support is found at 143.161. Below that, the next significant support is at 141.339, as indicated by the take-profit (TP) area.
Indicators: While the chart shows signs of exhaustion in the upward movement, I'm waiting for confirmation of the downward move. A break below 143.161 would strengthen the selling scenario.
Expected scenario: If the price remains below the resistance at 144.475 and breaks through the support at 143.161, there is room for a decline toward 141.339, where the take-profit is set. However, a break above 144.475 would invalidate the selling scenario.
What do you think? Do you believe the pattern will confirm and the price will drop? Share your thoughts below and post your own analysis!
Penafian
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