USDJPY exchange rate is moving inside Monthly symmetrical triangle and is moving around the upper "resistance" line. On a D1 and W1 price is forming a descending triangle with longer upper resistance trend line --> What do we know about trend lines? The longer they are and the more times they have been touched, more reliable they are!
More so on a D1 timeframe, price seems to be forming Head and Shoulders pattern inside the descending triangle which is even more bearish pattern!
I'm expecting the exchange rate of
USDJPY to around 107.800 level where is an W1 Fibonacci level! Or even further to 105.950 where Motnhly and D1 Fibonacci level meet! Note: This is not a financial advice in any form is just an opinon based on price action! Please leave a like if you find this helpful, or a comment if you want to add something! I'm here to grow a community where we all communicate, exchange ideas and so on! Peace
Note
Price breaks the upper trend line, it could indicate to go long but wait for the monthly triangle break! Otherwise I'm still looking to go short!
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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.