#USDJPY:
Exactly as expected, we saw the price dropping all the way to the descending triangle bottom. The move was so strong that we could not jump in a trade though. The downtrend is still confirmed, since the price is still holding below the 200 EMA.
*(4H):
Here we could see how the strong dropped led the way with no retest, which is what we could look for if the price will retrace back a bit more, as a strong resistance zone would be approached.
*(1H):
Zooming in again, however, we are seeing the price giving hints of indecision as a triangle is apparently forming. If a break to the upside will occur, we will carefully consider a sell at the retest area on 4H. On the other hand, given a break to the downside, a new bearish continuation pattern is what we would look for
Exactly as expected, we saw the price dropping all the way to the descending triangle bottom. The move was so strong that we could not jump in a trade though. The downtrend is still confirmed, since the price is still holding below the 200 EMA.
*(4H):
Here we could see how the strong dropped led the way with no retest, which is what we could look for if the price will retrace back a bit more, as a strong resistance zone would be approached.
*(1H):
Zooming in again, however, we are seeing the price giving hints of indecision as a triangle is apparently forming. If a break to the upside will occur, we will carefully consider a sell at the retest area on 4H. On the other hand, given a break to the downside, a new bearish continuation pattern is what we would look for
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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.