USDJPY on the daily Time Frame has been moving inside a large (BLUE) triangle. Last week price saw the top of the (BLUE) triangle, when it was following the (BLUE) ascending trendline. Price had a clear break of the ascending trendline with a short retest, while price was doing this it also formed a (BLACK) descending channel.
Right now price is at a MAJOR support zone and also at the bottom of the triangle price has been following. This indicates price will move up, we personally will enter more trades when price breaks above the black ascending trend line and comes back down to retest it.
Our final target lies at the next resistance zone... Comment your thoughts below!
Right now price is at a MAJOR support zone and also at the bottom of the triangle price has been following. This indicates price will move up, we personally will enter more trades when price breaks above the black ascending trend line and comes back down to retest it.
Our final target lies at the next resistance zone... Comment your thoughts below!