USDJPY Forecast
The USDJPY failed to continue its bullish momentum yesterday bottomed at 105.87 and hit 105.56 earlier today in Asian session after bounced-off the upper line of the descending triangle as you can see on my daily chart below. The bias is bearish in nearest term testing 105.50 key support. A clear break and daily close below that area would confirm the descending triangle bearish scenario testing 104.25 area. Immediate resistance is seen around 106.05. A clear break above that area could lead price to neutral zone in nearest term but only a clear break above 106.50 would invalidate the descending triangle bearish scenario.

Forex: Descending triangle chart pattern

FX Instructor Forex Blog – For Traders, By Traders

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.