The Japanese Yen Index descending wedge pattern initially broke to the downside, the opposite expected move statistically. A double bottom formed shortly after and reversed hard to the upside! Now we're at the 200EMA Resistance, what are the next moves?
How do we trade this? 🤔
There are no good trades to take on the Daily chart. We're too close to resistance,...
JPYX has been in a descending wedge holding pattern since July of this year and has yet to successfully break out toward the upside. This analysis predicts a pullback from the bear trend up to the Daily 200EMA around 792.0 and if penetrated, to the 807.0 area.
Key Points:
1. JPXY is in a descending wedge pattern which is a bullish signal
2. Several bull candles...
