USDJPY short offupper trendline of descending channel? thoughts?
TECHNICAL:
Reason 1:
- Price is currently confined within a descending channel, approaching upper trendline
Reason 2:
-61.8 fib level coincides with upper trendline, confluence area?
Reason 3:
-30 Minute time frame, price has broken out of a descending triangle pattern to the upside indicating further bullish movement. (this pattern can be seen in my previous analysis of USDJPY today)
Reason 4:
- If price were to move up to the mentioned 78.6 fib level, this could form the second top of a nice double top reversal pattern.
FUNDAMENTALS:
- Trade war between US, China and France possible escalation
- North korea, US denuclearization agreement could help JPY
Really appreciate any comments, thoughts on this analysis. Constructive criticism only please! still fairly new to trading
Reason 1:
- Price is currently confined within a descending channel, approaching upper trendline
Reason 2:
-61.8 fib level coincides with upper trendline, confluence area?
Reason 3:
-30 Minute time frame, price has broken out of a descending triangle pattern to the upside indicating further bullish movement. (this pattern can be seen in my previous analysis of USDJPY today)
Reason 4:
- If price were to move up to the mentioned 78.6 fib level, this could form the second top of a nice double top reversal pattern.
FUNDAMENTALS:
- Trade war between US, China and France possible escalation
- North korea, US denuclearization agreement could help JPY
Really appreciate any comments, thoughts on this analysis. Constructive criticism only please! still fairly new to trading