FX:USDJPY   U.S. Dollar / Japanese Yen
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!

🟢Forex Pair:

Technical Analysis:
In the weekly chart, since the beginning of June 2020, the price has been following a clear downtrend, creating an interesting falling wedge pattern.
The market closed the weekly session with a doji candlestick on the dynamic support of that pattern and it could be the first sign of market reversal during the next weeks.

In the daily chart we can properly see the price bouncing up and down on the dynamic S/R level of the falling wedge .
Few days ago the price reached and got a rejection on the resistance level and it's now back on a small daily support zone .

In the h4 chart the price got an interesting situation, as we can see it's creating a beautiful symmetrical triangle and the price got many rejections on its dynamic support and resistance .
The price is actually on a daily support and the next price action around this area will be essential to understand the next market movement and especially if the symmetrical triangle pattern is valid.

🔴Conclusion: ❌
The symmetrical triangle is usually a continuation pattern, and I'm confident to see the price grows and retest the main trendline.
Though the price is giving us a bullish sign, don't forget that in daily and weekly perspective we still have a strong downtrend impulse, so it could be only a short correction to retest the previous resistance area .

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly,

Related Ideas


continue the good work
+1 Reply
@abel11, many thanks! I really appreciate!
keep up the amazing work here mate!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thank so much Rich! and have a good weekend! :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out