Could we see a drop toward 95 before a lasting upside move?
USDJPY has completed a 5 waves upmove and is in a consolidation pattern.
The most obvious pattern I can see is a falling wedge (blue) that would need completion lower.
A fall below the 100 mark could be seen amidst a risk off / market correction. Finally, we could have a typical false Breakout of the fallling wedge to tag the bottom line of the rising channel, before upside continuation.
I will monitor the pair and stick with this view until the falling wedge breaks.
The most obvious pattern I can see is a falling wedge (blue) that would need completion lower.
A fall below the 100 mark could be seen amidst a risk off / market correction. Finally, we could have a typical false Breakout of the fallling wedge to tag the bottom line of the rising channel, before upside continuation.
I will monitor the pair and stick with this view until the falling wedge breaks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.