USDJPY 7/22/22 Update
We have USDJPY on daily chart that has been on a uptrend for a very long time and now it's looking like it reached its high level around the 139.400 and it's giving us the sign of a possible reversal coming up for the week.
There is the uptrend trendline it's been respecting, and it looks like we will be breaking the trendline indicating a huge sign of the sell opportunity coming up around the level of 134.700.
We can expect the breakout of the trendline and then a little pull back just to retest the support level I marked to see if it's strong enough to go back in the trendline making it a false breakout or simply just to pick up more orders around the support area and conform we have a big sell coming up.
I would highly recommend waiting until we see the pushback to the support area just to get that extra confirmation that in fact, we have the sell.
There is the uptrend trendline it's been respecting, and it looks like we will be breaking the trendline indicating a huge sign of the sell opportunity coming up around the level of 134.700.
We can expect the breakout of the trendline and then a little pull back just to retest the support level I marked to see if it's strong enough to go back in the trendline making it a false breakout or simply just to pick up more orders around the support area and conform we have a big sell coming up.
I would highly recommend waiting until we see the pushback to the support area just to get that extra confirmation that in fact, we have the sell.
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.