USDJPY short daily chart
The pair is approaching the completion of a descending triangle wedge pattern. With the pair being rejected by multiple established resistance levels and leaving consecutive doji stick candles coupled with mounting US China tensions and fear of economic weakness, I believe the down trend will continue.
I have targets set for the 104.466 support level which is the completion of the triangular wedge pattern however, depending on circumstances then, the trend may continue as far down as the 101.165 level or the wedge pattern will pop it into an uptrend.
I have targets set for the 104.466 support level which is the completion of the triangular wedge pattern however, depending on circumstances then, the trend may continue as far down as the 101.165 level or the wedge pattern will pop it into an uptrend.
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.