USDJPY top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Usdjpytrading
USDJPY is seeing bearish momentum, further drop to be seenPrices are facing bearish pressure from resistance in line with the 61.8% fibonacci retracement and broke the previous low as well. We could see a test of the sell entry before a further drop here. Next key level to watch would be at the 109.50 area in line with the 78.6% fibonacci retracement. What are your thoughts on USDJPY? Love to hear them!
USDJPY Wait for a break outPattern: Triangle on 4H.
Signal and Targets: Bearish if the Triangle breaks downwards (TP 110.245), Bullish if it breaks upwards (TP 112.500).
*Note: First time on 1D that the pattern makers Lower Highs instead of Lower Lows. This enhances the potential of a bearish break-out.