USD/JPY: Fresh downcycle, descending trendline key to watch
Buyers need a breakout of the descending trendline to challenge sellers dominance.
Latest down-leg quite poor in the magnitude of the move (raises red flags if the trendline is broken).
As the price stands, selling on retracement is favored as long as price does not accept above the 50% of the former range and/or breaks above the descending trendline.
Latest down-leg quite poor in the magnitude of the move (raises red flags if the trendline is broken).
As the price stands, selling on retracement is favored as long as price does not accept above the 50% of the former range and/or breaks above the descending trendline.
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