PrimeXBT
Short

USDJPY- Are the bears ready to take over?

FX:USDJPY   U.S. Dollar / Japanese Yen
Ahead of this week, USDJPY is looking to remain on the bearish side and pushing lower.
The Japanese calendar features several noteworthy economic indicators. Industrial output has likely dropped in August after rising beforehand. Japan will have joined the global trend of contraction in the manufacturing sector.
Later on, the quarterly Tankan surveys are set to drop . The BOJ closely watches these figures. Japan's Unemployment Rate is set to rise – yet to an enviable 2.4%.
Democrats have taken the first step to impeach President Donald Trump. The move followed revelations that President Donald Trump urged his Ukranian counterpart Volodymir Zelensky to investigate potential wrongdoing by Joe Biden and his son Hunter. Biden may face Trump in the 2020 presidential elections. Asking a foreign leader to intervene in domestic politics – and potentially withholding military aid to achieve this objective – have pushed House Speaker Nancy Pelosi to kick off the process.
The dollar/yen three hours chart features several noteworthy touches. The currency pair is currently building up a higher-highs and higher-lows forming a bearish reversal chart pattern.
The rising wedge chart pattern indicates price reversal and in most cases indicates a bearish continuation. But know this that downward breakouts have unacceptably high failure rates and small post breakout declines. Also, throwbacks and pullbacks occur 72% of the time.
Always wait for the breakout before taking a position.
breakout price :107.702
Support 1: 107.568
Support 2: 107.430
Support 3: 107.229
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Ideas published should not be referred to as an investment advice.
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