On this weekly chart we are drawing Pitchfork channels on USDJPY.
On the weekly USDJPY chart we can see that the utrend Pitchfork channel has been broken to the downside at the 112.716 level. A new Pitchfork downtrend channel has been formed and we are seeing an extension lower into the marked 102.530 level after the median line 106 level rejection. For a trade, choose the sell and place the stop loss above 105.450 targeting 101-102 zone.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets.
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