USD/JPY DAILY TIMEFRAME SHORT
The USD/JPY currency pair price is creating a symmetrical triangle pattern on the daily timeframe going down even to the lower timeframe. The price has already exploded down after bouncing off the descending trendline forming the triangle, however, it seems as if some buyers are trying too hard to maintain higher prices. There is also an ascending wedge /channel on the 4-hour and i-hour timeframes, and prices have already broken out of that pattern to the downside. I suspect the buyers are just there for the retest (kiss and goodbye). As i noticed earlier today on the EUR/USD currency pair, the buyers tried fighting a losing battle before they gave away and bled to death. As my younger brother Dylan rightly said, "in a battle everyone bleeds, so don't worry of you are in the red zone". Therefore, sellers are likely to be teased by buyers before they can claim victory. May the odds be forever in your favour.
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.