USDJPY possible descending triangle bearish breakout + retest?
TECHNICAL:
Reason 1:
-RSI Bearish divergence
Reason 2:
-Descending triangle pattern formed
-Broke out + possible retest
FUNDAMENTALS:
-Possible escalation of trade war with china, canada, france
Reason 1:
-RSI Bearish divergence
Reason 2:
-Descending triangle pattern formed
-Broke out + possible retest
FUNDAMENTALS:
-Possible escalation of trade war with china, canada, france
Trade active
Looking like nice rejection off the previous support of the descending triangle.Trade placed @ 110.471
SL @ 110.745
TP to be updated
Note
Forgot to mention:- On 1hr chart at open a shooting star was formed- price gapped up, formed a bearish hammer candlestick then gapped down
-On 4hr chart price continued to move down and formed a nice bearish engulfing candlestick indicating possible bearihs movement.
Note
Price now rejected resistance twice on the 15min chart with two nice wicks above to close belowOrder cancelled
Price now moved above upper descending trendline of triangle pattern. Trade closed.
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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.