Caliber45

USDJPY Technical Analysis

FX:USDJPY   U.S. Dollar / Japanese Yen
The current pattern we can see a Big Rising Wedge with a confluence of the SUPPLY ZONE (price rejects many times). The probable scenario the price can go to the downside as we can spot an INVERTED HAMMER candlestick pattern that indicates there are more sellers coming into the market and it can break the most recent low & retrace then continue to the downside. The possible scenario of this market, the price can also break impulsively the supply zone and retrace before going to the upside. Note if the price break in an Ascending Nature it is a high probability that the price may go to the downside because of the added confluence of reversal pattern. Hope this analysis helps you in the market.

*Disclaimer*
The content on this analysis is for educational purpose only, trade at your own risk.

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