USDJPY Overall Technical Analysis – Descending Triangle

Hello Price Action Traders.

USD/JPY

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

If you want to keep reading my in- depth outlook of the market you can access to my premium forex signal service and be part of my professional community and then become a true price action trader subscribing to www.hereforexnaked.com

Get Naked Get profit!

FROM A REAL TRADER TO REAL TRADERS

Luigi Bazzarelli, professional trader member of HereForexNaked.com

This entry was posted in Uncategorized and tagged , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

>> Download my free e-Book!