USDJPY Daily Forecast: March 13

USDJPY Forecast
The USDJPY failed to continue its bullish momentum yesterday bottomed at 106.30 and hit 106.24 earlier today in Asian session. From a different technical perspective as you can see on my daily chart below, we may have a potential descending triangle formation in the making. The bias is neutral in nearest term probably with a little bearish bias retesting 105.50 support area. A clear break and daily close below that area could trigger further bearish pressure testing 104.25 area. Immediate resistance is seen around 106.50. A clear break above that area could trigger further bullish pressure testing 107.00 region. Overall I remain neutral.

Descending triangle: forex trading

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