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USD/JPY: Bearish Quasimodo After MACD Divergence

September 19, 2019 | 9:45 am | The 5%ers' Blog > Trading Room
September 19, 2019 | 9:45 am
The 5%ers' Blog > Trading Room
Quasimodo Forex Pattern - USD/JPY is still considered in bullish momentum

Change the Momentum or Only a Technical correction?

Thursday  19/09/2019

The USD/JPY is still considered in bullish momentum.

We can see the significant MACD divergence which lasts all the recent uptrend.

While during this uptrend the price creates a few higher highs the MACD indicator creates a lower high.

This divergence indicates a weakness of the buyers and tells us this uptrend is about to end soon.

In addition, above us, there is a fresh supply which seems like a great supply to sell USD/JPY.

This supply also creates a bearish Quasimodo pattern which is a reversal pattern.

The confluence of MACD divergence and a Quasimodo pattern creates a great setup for sell position.

I’ll sell at the supply above and the first target will be the support – 1 below.

The final target will be the support – 2 at the bottom.

BTW – if the price will breakout the support – 1 below, it will change the momentum to bearish and won’t be an only technical correction.

This analysis is relevant for the swing forex traders among us.



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