Update: Dollar get bid up across the board despite EUR strength. Before touching any of the the important trendline, I am not going to label wave C. USDJPY is the best technical pair to trade. It tens to respect trendline a lot and it like triangle a looooot
USDJPY facing big pressure recently, not only due to greenback weakness but also Yen strength across the board.
Right now, two possible triangles options are unfolding. The red flat-ish triangle could mean future regain of long term bullish view. The blue triangle would look more like a leading diagonal, which could threaten the long term bullish trend. The unlikely scenario would be a break of previous high at 122. This will shift broader view bearish.
USDJPY facing big pressure recently, not only due to greenback weakness but also Yen strength across the board.
Right now, two possible triangles options are unfolding. The red flat-ish triangle could mean future regain of long term bullish view. The blue triangle would look more like a leading diagonal, which could threaten the long term bullish trend. The unlikely scenario would be a break of previous high at 122. This will shift broader view bearish.
