Hello Price Action Traders.
On June 12 I published an article about the Descending Triangle formation of the USD/JPY. Since then, the Yen is bouncing perfectly on the borders of the triangle and volumes are getting lower which is a sign of confirmation for this kind of pattern. Descending Triangles have often a bearish bias because lower highs indicate increased selling pressure. The pair is day by day arriving at the point of compression and this could be a very interesting opportunity for a trade. However, only a breakdown of the support is the final confirmation for a reversal.
It’s all for today
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Luigi Bazzarelli, professional trader member of HereForexNaked.com