Here we have USD/JPY traveling down what looks to be a Descending Triangle!
UJ is due for a correction and I believe we may be seeing that correction move come to us in this Descending Tri started by the High on Oct. 3rd followed by the failed attempt at a Higher High on Oct. 6th showing the Falling Resistance, all while price finding a nice support zone around 148.304!!
-Typically with Descending Triangles, the break is BEARISH in which starts the Downtrend movement in Price Action, so we are waiting to see the BEARISH BREAK to validate this Chart Pattern! Once validated, that will initiate my Trade Action Plan!
-For Bearish Prediction-
*Price must Break and Close below 148.304
*Price Breaking and Closing above Falling Resistance INVALIDATES pattern set-up!
**Be Aware! Patterns are known to fail 1/3 of the Time! WATCH FOR FALSE BREAKS!!
UJ is due for a correction and I believe we may be seeing that correction move come to us in this Descending Tri started by the High on Oct. 3rd followed by the failed attempt at a Higher High on Oct. 6th showing the Falling Resistance, all while price finding a nice support zone around 148.304!!
-Typically with Descending Triangles, the break is BEARISH in which starts the Downtrend movement in Price Action, so we are waiting to see the BEARISH BREAK to validate this Chart Pattern! Once validated, that will initiate my Trade Action Plan!
-For Bearish Prediction-
*Price must Break and Close below 148.304
*Price Breaking and Closing above Falling Resistance INVALIDATES pattern set-up!
**Be Aware! Patterns are known to fail 1/3 of the Time! WATCH FOR FALSE BREAKS!!
