jamiekent123
Short

USDJPY 1hr Bearish Triangle Formation

FX:USDJPY   U.S. Dollar/Japanese Yen
54 0 2
2 months ago
Take a look at the chart. USDJPY             can be construed to be at the end of a horizontal triangle formation - prompting a negative breakout.

Normally with these patterns with a prior uptrend or impulse we have a bullish bias after the triangle breaks, but due to indications of bearish divergence and the strength of the bullish impulse leg (or legs), I believe the retracement we have all been waiting for is on the cards and is looking to travel back down. We may however, still be in the D leg of the triangle and will have to wait longer for such a move.

This retracement is looking to breakout of the price channel shown on the chart, forcing a move to the downside. This is a more short term move and my main concern is that price seems to have only a limited time to make a break before bulls re-enter and subsequently long the market.

Therefore if a break of the upper triangle trend is made, as it says on the chart, a view to take a short is then rendered invalid as the structure will have changed and will need to be reviewed again.
2 months ago
Trade active: Break to downside targeting 38.2% as first TP level around 102.9.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out