Chart indications
Trend - Downtrend
Candlestick Patterns - Triple top reversal formation
Trendlines - Descending wedge formation on D1
Supply Zone - W1, D1 & 4H
Indicators - 50/200 EMA CROSS indicates pullback
News
Trade talks with china slowly progressing
Nothing in writing
Won't be finalized for a few weeks
Lots of time to fall through
Many critics / skeptics
Final Thoughts
Talk of a trade war solution previously boosted USDJPY to its highest high in 6 weeks, but without anything in writing, many skeptics criticize the thought of the USA/CHINA trade war coming to any end any time soon. Technicals indicate that we are currently entering into the W1, D1, H4 supply zone and a major Fibanocci resistance level of 108.500 which could prevent bulls from heading much further. Bears are looking to take control next week and im expecting an immediate drop to 107.500; followed by 106.800.
Thoughts? join my telegram group to discuss possible trades! everyone is welcome :)
Click here to join --> t.me/joinchat/KVUHuRe9dYrAC_1lulpI3w
cheers!
Trend - Downtrend
Candlestick Patterns - Triple top reversal formation
Trendlines - Descending wedge formation on D1
Supply Zone - W1, D1 & 4H
Indicators - 50/200 EMA CROSS indicates pullback
News
Trade talks with china slowly progressing
Nothing in writing
Won't be finalized for a few weeks
Lots of time to fall through
Many critics / skeptics
Final Thoughts
Talk of a trade war solution previously boosted USDJPY to its highest high in 6 weeks, but without anything in writing, many skeptics criticize the thought of the USA/CHINA trade war coming to any end any time soon. Technicals indicate that we are currently entering into the W1, D1, H4 supply zone and a major Fibanocci resistance level of 108.500 which could prevent bulls from heading much further. Bears are looking to take control next week and im expecting an immediate drop to 107.500; followed by 106.800.
Thoughts? join my telegram group to discuss possible trades! everyone is welcome :)
Click here to join --> t.me/joinchat/KVUHuRe9dYrAC_1lulpI3w
cheers!
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.