@rking938 on USDJPY | PriceONN Community
Watching USDJPY on the H4 chart, I'm seeing what looks like a potential descending triangle forming. Price action has been making lower highs while the support seems to be holding around the 159.00 level. If this pattern breaks to the downside, it could signal a significant move lower. I'm definitely keeping an eye on this as the US session kicks off.
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Also, the RSI is sitting right in the middle at 46.5, which isn't giving much of a clue on whether it's overbought or oversold right now. Makes that triangle pattern even more important to watch for the break.
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Hi @rking938, I've been watching that descending triangle on USDJPY too. It does look quite textbook on the H4. I'm a bit skeptical about a clean break though, given how the 159.00 level has acted as solid support previously. I'm thinking we might see a false breakout to the downside before a potential reversal, especially if US yields start to firm up again. Keep a close eye on volume for any confirmation.