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Saturday, January 16, 2021

USDJPY: BREAKING the SYMMETRICAL TRIANGLE!

USDJPY: BREAKING the SYMMETRICAL TRIANGLE!

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🟒Forex Pair:
USD/JPY

Technical Analysis:
In the weekly chart, since the beginning of June 2020, the price has been following a clear downtrend, creating an interesting falling wedge pattern.
The market closed the weekly session with a doji candlestick on the dynamic support of that pattern and it could be the first sign of market reversal during the next weeks.

In the daily chart we can properly see the price bouncing up and down on the dynamic S/R level of the falling wedge .
Few days ago the price reached and got a rejection on the resistance level and it's now back on a small daily support zone .

In the h4 chart the price got an interesting situation, as we can see it's creating a beautiful symmetrical triangle and the price got many rejections on its dynamic support and resistance .
The price is actually on a daily support and the next price action around this area will be essential to understand the next market movement and especially if the symmetrical triangle pattern is valid.

πŸ”΄Conclusion: ❌
The symmetrical triangle is usually a continuation pattern, and I'm confident to see the price grows and retest the main trendline.
Though the price is giving us a bullish sign, don't forget that in daily and weekly perspective we still have a strong downtrend impulse, so it could be only a short correction to retest the previous resistance area .

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Trade Safe and Responsibly,
Gianni



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