⚙️ Technical Overview (USD/JPY – 1D)
📉 Trend & Structure:
Rising wedge pattern has been broken to the downside, which is typically a bearish reversal signal.
Price has retested the broken trendline from below near the 147.30 resistance level, confirming structure rejection.
Clear breakdown below both ascending trendlines.
📊 Key Levels:
Resistance:
147.32 (marked on chart, rejected after trendline break)
Minor resistance around 145.90–146.50, former support area turned resistance.
Support:
Nearest horizontal support: 135.00 – 136.00 zone
Major support (and target of measured move): 122.73, also aligned with prior consolidation zone from 2022.
📏 Measured Move:
A measured move suggests a potential drop of -8.43% (~1,229 pips) from the wedge top to the lower trendline support around 133.00–122.70 range.
This aligns with a long-term target near 122.73, which is a major structural level.
🧠 Outlook & Bias:
Bias: Bearish
Momentum: Strong breakdown with retest failure indicates bearish momentum is intact.
Confirmation: A daily close below 144.50 could further confirm downside continuation.
📌 Potential Trade Idea (Not Financial Advice):
Entry: After confirmation below 144.50 or aggressive entry on current retest failure.
SL: Above 147.50 (last swing high & trendline).
TP: First target at 136.00; second target at 122.70
📉 Trend & Structure:
Rising wedge pattern has been broken to the downside, which is typically a bearish reversal signal.
Price has retested the broken trendline from below near the 147.30 resistance level, confirming structure rejection.
Clear breakdown below both ascending trendlines.
📊 Key Levels:
Resistance:
147.32 (marked on chart, rejected after trendline break)
Minor resistance around 145.90–146.50, former support area turned resistance.
Support:
Nearest horizontal support: 135.00 – 136.00 zone
Major support (and target of measured move): 122.73, also aligned with prior consolidation zone from 2022.
📏 Measured Move:
A measured move suggests a potential drop of -8.43% (~1,229 pips) from the wedge top to the lower trendline support around 133.00–122.70 range.
This aligns with a long-term target near 122.73, which is a major structural level.
🧠 Outlook & Bias:
Bias: Bearish
Momentum: Strong breakdown with retest failure indicates bearish momentum is intact.
Confirmation: A daily close below 144.50 could further confirm downside continuation.
📌 Potential Trade Idea (Not Financial Advice):
Entry: After confirmation below 144.50 or aggressive entry on current retest failure.
SL: Above 147.50 (last swing high & trendline).
TP: First target at 136.00; second target at 122.70
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.
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.