Bottom Wedge USD/JPY - Which side will we see a breakout from ?
Updated
-> Following
USDJPY downfall, price almost fell two percent this week. -> Bottom wedge was identified, which side it will break down to is still to be determined. Either way, an upside breakout can justify a scalp on 5-15 min timeframe a after consecutive bull bars are seem. Looking at the other side of the coin, a downside breakout would lead to a third leg down a indicate that the bear trend is soon halting or reversing.
-> Most importantly, be cautious and patient with such trades, wait for breakout and follow through buying- or selling- to place trade. Remember that USD/JPY is reversing with a strong Yen and odds favour bears, as seen with bear flag on this 4h chart:
Will the bear flag will get a secong leg and gain downside momentum?, or will we have a failed trading range breakout with a short term reversal around the 156.000 area is still to be determined.
B setup
Peace
Trade active
Short taken following downside break, next target is 154.000, 20 EMA on hourly timeframe will act as resistance. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.