USD/YEN Update!

2019-11-18 18:14:16

If break out is legit, we should go lower soon.
Last week we broke out of an ascending formation to the downside. We retraced quite a bit, since than and it is really testing my patience, however i still like to short it. IMHO it should turn soon, to give a confirmation of a legit break out. The descending pitchfork looks decent, i wouldn't trade of it as of now. A break of ascending slope line on 30-min chart has to happen first.

Entry ~ on break of slope line.
Stop loss ~ 109.16
Target 1 ~ November low @ 107.886
Target 2 ~ October low and 61.8 retracement @ 106.4

30-min Chart
https://www.tradingview.com/x/AKZ21UnR/

Daily Chart
https://www.tradingview.com/x/HNctZU3j/