As we can see on the weekly time frame usdjpy
Has made a massive desending wedge...
Between 2013 and 2014 usdjpy was consolidating some where at price 100.25
A demand was created from the consolition and creation of support area after a new push to the high.
In 2016 market returned to same level
In March 2020 usdjpy had a rapid drop and climb at same level
Confirming this as a major support level
THE current channel that was formed after the latest test of support level close to 100.25
Confirm that current price drop could go all the way to 101.250 or close.
It also confirm that this area that was demand areas in the past on weekly time frame can become the break out level to the top of the massive trading wedge
Or a huge drop
Confirmation will come once market hits support level
Most likely the market will break support level.
Has made a massive desending wedge...
Between 2013 and 2014 usdjpy was consolidating some where at price 100.25
A demand was created from the consolition and creation of support area after a new push to the high.
In 2016 market returned to same level
In March 2020 usdjpy had a rapid drop and climb at same level
Confirming this as a major support level
THE current channel that was formed after the latest test of support level close to 100.25
Confirm that current price drop could go all the way to 101.250 or close.
It also confirm that this area that was demand areas in the past on weekly time frame can become the break out level to the top of the massive trading wedge
Or a huge drop
Confirmation will come once market hits support level
Most likely the market will break support level.
