USDJPY is neutral on its 1D technical outlook (RSI = 46.191, MACD = -0.020, ADX = 12.744) as it is consolidating around the 1D MA50. This is the bottom formation process straight after rebounding on the S1 Zone. The wider pattern is a Descending Triangle and the bottom formation suggests that the new bullish wave is about to be initiated. Go long and target the 0.618 Fibonacci level (TP = 153.500).
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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.