RLinda ! USDJPY -> Japanese yen strengthens

10 nov 2022

USDJPY shows a downtrend after testing the 152.000 peak
The Dollar index is correcting down and thus allowing the JPY to get stronger.

There is a local downtrend formation and a pullback from the support at 145.138. If you look carefully, a descending triangle is forming globally. The price is trying to press the limit support area at 145.138.


(Chart 1. 15 minute timeframe. Symmetrical triangle formation)

On the locally (15 minute) chart, we can see the price coming out of the consolidation upwards and forming a symmetrical triangle.
If the pattern plays more of a continuation of the trend, then we should think about a break-up of the resistance, but it is important to note that the price has not managed to renew the local maximum of the previous peak 146.93

I think if the price breaks the support of the triangle by the trend direction, then there are chances to go down to the support of 145.138 and then to 143.9

Sincerely R. Linda!