After the strong leg up started in the middle of May and the break above 137.50 important resistance, UsdJpy reached a high at 141 zone and has started to consolidate.
The consolidation is forming a symmetrical triangle which usually leads to continuation.
We can consider two bullish scenarios for this pair:
1. A break above the triangle's resistance and a rise to 145 zone
2. A break of triangle's support and a retest of 137.50 zone support followed by a continuation of the up trend.
As for negation, 137.50 is now confluent support and a break of this level could put the pair on a downtrend
The consolidation is forming a symmetrical triangle which usually leads to continuation.
We can consider two bullish scenarios for this pair:
1. A break above the triangle's resistance and a rise to 145 zone
2. A break of triangle's support and a retest of 137.50 zone support followed by a continuation of the up trend.
As for negation, 137.50 is now confluent support and a break of this level could put the pair on a downtrend
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.