hey traders,
usdjpy is currently consolidating on a key support level 108.5.
on a daily this horizontal support matches perfectly with rising support of a parallel channel .
on 4H the pair has formed a descending triangle formation.
to identify a further market direction be focused on an occasional breakout of a triangle.
bearish breakout will trigger selling reaction and with high probability, we will see a continuation downwards to 108.0
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✅Join My Telegram Channel: t.me/VasilyTrading
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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.