Hello Price Action Traders.
The USD/JPY is coming down decisively after US disappointing data and is getting prepared to touch the 200 SMA again. In addition, if we take a look at the big picture we can see a huge Descending Triangle that is forming on the tops. Usually descending triangles are continuation patterns that occur in downtrends. There are instances when descending triangles form at the end of an uptrend. Regardless where they form, these are bearish patterns that indicate distribution. This is a very interesting scenario. Let’s wait and see how the pattern will develop in the next days.
It’s all for today
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Luigi, professional trader member of Hereforex.com