Inside technicals and chart patterns by 
So let’s start with my quad view….
The 60 minute USD/JPY is trending lower as the intraday trend is down. The set up here will be looking for a swing entry which means I am trend following.
Swing trading is trend trading!
The resistance is at the downtrend line which is currently sitting at 97.05 but remember trendline are dynamic so this level will close in on price with each new candle. The upper right chart has a three outside candle pattern sell set up that triggered 12 hours ago. The beige area shows the resistance and also stop loss area for the pattern. As long as the Wave (lower left chart) continues to trend lower at four to six o’clock I will be treating this as a mark down cycle and look for short bounces. The lower line of the Wave is at 96.51.
Let’s zoom in on the Fibonacci retracement chart…
There are a few “last major moves” I could look into here and this is the largest move of the three I looked at. It also shows resistance at the 25% which coincides with the bottom line of the Wave. I am also interested in the 38.2% as that is very close to the point of validity (think: stop loss) for the swing entry and will ideally provide some selling resistance to keep prices below the top line of my Wave.