Here on the USDJPY, we can see a wedge contraction pattern forming on the chart. Price has previously formed a double bottom and have started to form a bullish channel and price is now beginning to form into a wedge pattern.
Price is currently touching the 20 MA which is a sign of contraction and consolidation in the market. Over the next 1 or 2 days i am hoping to see a breakout and break above resistance of 106.300 and an expansion of price into a bullish uptrend.
Price is currently touching the 20 MA which is a sign of contraction and consolidation in the market. Over the next 1 or 2 days i am hoping to see a breakout and break above resistance of 106.300 and an expansion of price into a bullish uptrend.