TECHNICAL:
Reason 1:
- Price is currently confined within a descending channel, approaching upper trendline
Reason 2:
-61.8 fib level coincides with upper trendline, confluence area?
Reason 3:
-30 Minute time frame, price has broken out of a descending triangle pattern to the upside indicating further bullish movement. (this pattern can be seen in my previous analysis of USDJPY today)
Reason 4:
- If price were to move up to the mentioned 78.6 fib level, this could form the second top of a nice double top reversal pattern.
FUNDAMENTALS:
- Trade war between US, China and France possible escalation
- North korea, US denuclearization agreement could help JPY
Really appreciate any comments, thoughts on this analysis. Constructive criticism only please! still fairly new to trading
Reason 1:
- Price is currently confined within a descending channel, approaching upper trendline
Reason 2:
-61.8 fib level coincides with upper trendline, confluence area?
Reason 3:
-30 Minute time frame, price has broken out of a descending triangle pattern to the upside indicating further bullish movement. (this pattern can be seen in my previous analysis of USDJPY today)
Reason 4:
- If price were to move up to the mentioned 78.6 fib level, this could form the second top of a nice double top reversal pattern.
FUNDAMENTALS:
- Trade war between US, China and France possible escalation
- North korea, US denuclearization agreement could help JPY
Really appreciate any comments, thoughts on this analysis. Constructive criticism only please! still fairly new to trading
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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.
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.