Trade Setup: USD/JPY – 5 Sep 2016
Candle Stick Pattern: Dark Cloud Cover at (1)
- Stochastic overbought range at (3), also confirming divergence at (2) & (3).
- Touching outer band of Bollinger Band at (1).
- Retesting the support of (4) at (1).
Entry Point: 103.371
SL: 102.552 (82 pips)
TP: 99.890 (348 pips)
- As it reached the 50% of the Fibonacci retracement, we can partial close the trade and take some profits.
- Also move the SL to next resistance level.