Market Structure & Trend:
The chart illustrates JPY/USD on the 4-hour timeframe, showing a rising channel pattern.
Price has recently rejected from resistance near 0.0068058 and is now showing signs of a bearish move.
Trade Setup:
Bearish bias: The pair is breaking down from the channel, indicating a potential trend reversal.
Key levels:
Resistance: 0.0068058
Support Zone: 0.0064368 (Target area)
Potential Move: A continuation of this bearish movement may lead to a drop toward the support zone.
Conclusion:
If the price sustains below the midline of the channel, further downside is likely.
A retest of support at 0.0064368 could offer potential opportunities for either a bounce or a continuation of the bearish trend.
📌 What’s next? Watch for price action near the support zone for potential trade setups.
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.
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.