The JPYX has reached a significant support level on the daily chart. I foresee a potential retracement, considering its entry into past daily lows and the current price swing being excessively extended. A JXY retracement towards the 61.8 Fibonacci level may present trading opportunities. It is important to note that the information presented here is intended...
The Japanese Yen Index descending wedge pattern initially broke to the downside, the opposite expected move statistically. A double bottom formed shortly after and reversed hard to the upside! Now we're at the 200EMA Resistance, what are the next moves?
How do we trade this? 🤔
There are no good trades to take on the Daily chart. We're too close to resistance,...
JPYX has been in a descending wedge holding pattern since July of this year and has yet to successfully break out toward the upside. This analysis predicts a pullback from the bear trend up to the Daily 200EMA around 792.0 and if penetrated, to the 807.0 area.
Key Points:
1. JPXY is in a descending wedge pattern which is a bullish signal
2. Several bull candles...
