Good Afternoon Everyone,
The USDJPY is primed to continue its recent downtrend.
On the 1D chart, price has just broken below the descending triangle. The next significant area of resistance looks to be in the 100.00 zone. I will be looking for entry points during the upcoming trading sessions.
On the 12H, price is nearing the bottom of the descending channel it has been trading in. First entry will be considered when price closes below the descending channel.
Thank you for reading and please follow along during the upcoming sessions
*This is not investment advice*
The USDJPY is primed to continue its recent downtrend.
On the 1D chart, price has just broken below the descending triangle. The next significant area of resistance looks to be in the 100.00 zone. I will be looking for entry points during the upcoming trading sessions.
On the 12H, price is nearing the bottom of the descending channel it has been trading in. First entry will be considered when price closes below the descending channel.
Thank you for reading and please follow along during the upcoming sessions
*This is not investment advice*
Comment:
Following a move back to the top of the descending triangle, it appears price may have formed a new resistance below the bottom of the triangle. This may be a signal for more bearish movement.