empty
 
 
28.11.2019 09:07 AM
Bearish wedge pattern in USDJPY

USDJPY continues to make higher highs and higher lows respecting so far the latest low. However the price is most probably forming a bearish wedge pattern. Combined with the fact that we are approaching the major downward resistance trend line at 110.30, there are increased chances of a trend reversal between now and 110.30.

This image is no longer relevant

Black line - major resistance trend line

RSI black line - bearish divergence

Red lines - wedge pattern

USDJPY is making new higher highs and higher lows. Trend is bullish.However as can be seen in the Daily chart above, a bearish wedge pattern is being formed. Support is critical at 108.50 and breaking below it will be a bearish signal. Resistance is found now at 109.70-110.30 area. The closest important resistance is at 109.70. There is still room to continue the higher highs and higher lows pattern, but the bearish divergence in the RSI warns us that bulls need to be very cautious.

通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback