USDJPY October 24 Outlook and weekly forex analysis

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY October 24 Outlook and weekly forex analysis
As we can see, descending triangle pattern already perform since last October 12 on USD/JPY , as long as this pattern not break, play inside this pattern will be a perfect idea.
In short position, stoploss above pattern resistance, and in long position stoploss below support level
- if the pattern break down, september resistance will be a good support level on USDJPY this week, this level also as September 21 resistance, and october 09 support. If descending triangle pattern break down, this strong support zone will be a good tahe profit for shotr position and to consider re-entry long position. As we see with fibonacci pattern, 182.84 are 1.414 fibo point. In this week, if triangle pattern break down, this level will hold bearish movement.
- if USD-JPY break up, we see inverted head and shoulders pattern perform. The best idea for this pattern are wait for neckline break, and entry at retest neckline. Target profit will be at inverted head and shoulders pattern projection. October 06 resistance are the neckline position for this week. To be able to confirm bullish trend in USDJPY , we should wait this neckline break first, and enter long position at neckline re-test. And we have a resistance (as lvl2 confirmation)
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