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colem0
Sep 29, 2020 12:21 AM

USDJPY short daily chart Short

U.S. Dollar/Japanese YenFXCM

Description

The pair is approaching the completion of a descending triangle wedge pattern. With the pair being rejected by multiple established resistance levels and leaving consecutive doji stick candles coupled with mounting US China tensions and fear of economic weakness, I believe the down trend will continue.

I have targets set for the 104.466 support level which is the completion of the triangular wedge pattern however, depending on circumstances then, the trend may continue as far down as the 101.165 level or the wedge pattern will pop it into an uptrend.
Comments
goddddddy
l placed my sl on 105.600 is it safe
colem0
@goddddddy, that's not a lot of leeway, you may be stopped out. Just letting you know, I assume no financial responsibility for any losses or damage you may incur. These are my opinions and are not to be taken as professional investment advice.
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