USDJPY is forming a technical pullback. The Japanese Yen is strengthening on fundamentals. The price is falling 9.4% from its high of 151.940 to 137.650.
(Chart 1. Daily chart. Technical analysis)
Global chart:
On the hourly chart there is no pullback after the strong drop. The price is consolidating at 139.388, but at the same time a symmetrical triangle is forming, which plays the role of a trend continuation pattern. I expect breakdown of the triangle support and the price fall to the liquidity zone 135.80
Regards R. Linda!
(Chart 1. Daily chart. Technical analysis)
Global chart:
- A support level of 138.460 is formed, the level is tested by a false breakdown, but without a pullback. A consolidation with locally lowering daily highs is formed.
- The currency pair finds for itself resistance from the daily MA-50 and seeks support MA-200 (daily)
- Daily RSI comes out of the oversold area and shows a bullish signal
- Daily MACD is in a bearish zone and is gaining ground
On the hourly chart there is no pullback after the strong drop. The price is consolidating at 139.388, but at the same time a symmetrical triangle is forming, which plays the role of a trend continuation pattern. I expect breakdown of the triangle support and the price fall to the liquidity zone 135.80
Regards R. Linda!
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