FX:USDJPY does not pay attention to the behavior of the American dollar. The focus is on the Japanese yen. The currency is in a strong sell-off and continues to get cheaper, while a beautiful set-up is forming on the chart.
Rising triangle in the global perspective and in the short term: on D1, on H4 and on H1. A beautiful situation, when the chart lives its own life and practically does not react to the behavior of the US dollar, which starts the correction from a strong resistance. The trigger level for the Japanese Yen is 151.94, the break of this resistance will cause the formation of a strong bullish impulse. The structure will break when the support at 151.15 is broken, but not about that for now.
Resistance levels: 151.78, 151.94 Support levels: 151.15, 150.8
Technically and fundamentally, the Japanese Yen is weakening and will continue to weaken despite the change of actions of the central bank of Japan. The currency pair may renew the high in the medium term.
Regards R. Linda!
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The structure of the "price squeezing to resistance" setup is still in place at the moment. The structure will be broken when 151.44 and 151.0 are broken.
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On the back of bullish NFP, the price, after speculation, returns to resistance. It is necessary to follow the price reaction to the level of 151.786
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Maximum readiness :)
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Oh, that's great. Price is breaking resistance
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+90 pips since resistance breakout Realization phase
Trade closed: target reached
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Interim target 153.0 reached
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Closing of the session confirms the fact that growth will continue
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A breakdown of 153.25 may continue the price rise
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Consolidation and willingness to go above and beyond
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The target of 155.0 is almost reached ;)
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Overall, the potential remains. The pair still looks very bullish
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Correction amid dollar correction
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The price is close to the target of 155.0
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Strong compression to resistance with the goal of going even higher
@RLinda, unfortunately, looks more like a casino luck than actual prediction, since nobody expected CPI data to be higher than the forecast 3.4%. If you look at monthly, daily, weekly timeframes, they all extremely overbought.
Ascending triangles favor the downside not the upside.
Alecampos83
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The main difference between the ascending and descending triangles is the price movement direction.
The Ascending Triangle is a bullish pattern. The support line for buyers is sloping upwards, while the resistance level is the upper horizontal line. At this time, the bulls push the price from bottom to top for a further price breakout of the resistance line.
A Descending Triangle is a falling bearish price pattern that is directed down.
The upper line in the descending triangle is directed downwards, while the lower line is horizontal. In this situation, the bears "squeeze" the price from top to bottom for a price breakout of the lower line.
( litefinance.org)
RLinda
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@Carlosdino93, No, you're wrong. This is not always the case, there are situations where such a set-up can be interpreted differently.
If you parry only with patterns, it is foolishness.
The idea specifically says why I was expecting a rise. It says where the deal will be activated, i.e. where you can open an order. And it says in what case the structure will be broken.
merosaleh
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good RLinda very good u beautiful 😍
lwlawrence
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You are nuts, this won't happen. BoJ intervention?