orvilleawright

USDJPY (4H): Rising wedge expecting break to the downside.

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             (4H): After double bottoming (on Sept 27) at the 100.00 support zone , price moved sharply higher and is now back at previous resistance. THe 50 SMA has catch up with current prices (due to slowing momentum) and there is a rising wedge which I am expecting to break to the downside. My downside targets would be the 103.0x zone ( 38.2% retracement ) then the 102.0x zone ( 61.8% retracement ). A strong break above the 104.3x zone could see prices testing the next resistance zone at 105.5x (127.2% extension)
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