Ascending Triangle on USDJPY possible short term long
We are forming an ascending triangle on this pair.
While we have made 2 touches to the bottom, completing the market structure pattern, it looks to me as if we could attempt the trendline again, which goes hand in hand with the possibility of a small bullish push from XAUUSD. as these pairs are correlated, when one goes up, the other goes down.
We are also currently at a strong Key Weekly Level so we may see some manipulation around this area into the region of 112.30 or so before falling down.
Also I see an inverted H&S pattern.
I see 2 scenarios. 1- we attempt the ascending trendline of the ascending triangle, or we infact brake this and make a 3rd attempt at the Second ascending trendline seen below.
While we have made 2 touches to the bottom, completing the market structure pattern, it looks to me as if we could attempt the trendline again, which goes hand in hand with the possibility of a small bullish push from XAUUSD. as these pairs are correlated, when one goes up, the other goes down.
We are also currently at a strong Key Weekly Level so we may see some manipulation around this area into the region of 112.30 or so before falling down.
Also I see an inverted H&S pattern.
I see 2 scenarios. 1- we attempt the ascending trendline of the ascending triangle, or we infact brake this and make a 3rd attempt at the Second ascending trendline seen below.