$USDJPY | Bearish Pennant Affirmed ?

FX:USDJPY   U.S. Dollar / Japanese Yen
Rebounding price action may come into resistance over the next few sessions as it is about to retest the upper range of the bear pennant . The last time it revisitted this area was back in November after failing to follow through above the longer term downaward trend line and seeing pricing pull back towards the 104.62 levels. This is the third time it is set to retest this area as confirmed by the previous peak at 114.49 level. Although the peak was at higher levels, it plots the slope at the upper range of the pennant flag and so another failure break at the 111.55 level will confirm the 3rd peak on that trendline . My guess will be another failed attempt to break above the slope line thereby continuing it's longer term erosion over time. Helping this thesis will be rising brent oil prices as well as commodities , like copper , gold , base metals, etc. If you step back and look at the long term picture, it shows the health of a declining US economics as it implimits trade barrier tarifs world wide. I see parity soon, but it doesn't rue out bullish short term movements either.


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