A bullish trap has formed on the daily chart and the currency pair approached it with a shooting star formation. The first chance you get to sell the pair at the currency price (0.8600) is:
The second option is to sell this pair away from the 4-hour engulfing using a pending order:
Sell Limit 0.8615, Stop Loss 0.8655, Take Profit 0.8450.
USD/JPY
As for Japanese Yen, the rate is approaching a resistance zone located in between 100.00 and 98.90. Let’s buy the pair at the forming of a reversal candlestick pattern such as the hammer and engulfing: