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USDJPY-Weekly Market Analysis-Sep21,Wk1 for FX:USDJPY by RaynLim

On Thursday 26Aug21, I’ve shared a Bearish Shark setup on the USDJPY . I’ve also launched a poll in my telegram group you can access via my tradingview post at the bottom of this post. Many if not all the people who participated have voted the EURJPY over the USDJPY setup. Both of them are Shark Pattern and both of them are bearish setups too. The only difference is that the EURJPY setup is a Trend Trading setup and the USDJPY is a Counter-Trend setup.

To be honest, I have the same view too, but lucky for me, I didn’t cherry-pick. I engage both of them and USDJPY is 10pips shy away from its first target (TP1), while EURJPY has its retest at the entry price.

We can have our preference but when the setup form, we shouldn’t have our confirmation bias.

The link to both Bearish Shark analyses is at the link at the bottom.

At this moment the concern I have is this potential inverted Ascending Triangle which may sabotage my Shark Pattern trading setup. I’ve set my alert on the ascending trendline and the alert will trigger only when can candle touches the trendline and alert me when the candle close. This is how trading should be and not aimlessly staring at the chart.

If the candle respected the trendline and reverse at that point, I may exit my Final Target early and may reverse my trade(going long). This solely depends on how the candlestick closes and interact with the trendline.

There is other Harmonic Patterns on the 4-hourly chart but to keep it clean I’ve removed them. If you are interested to check what setup is there, you can check out the link at the bottom.

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