@AJackson82 on USDJPY | PriceONN Community

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A
AJackson82 PRO newbie
USDJPY Mar 5
Has anyone else been observing the potential for a descending triangle forming on the 4-hour chart? It seems to be consolidating within a tightening range, and a breakout could be imminent. I'm particularly interested in how traders are positioning themselves relative to the current resistance around 157.00. What are your thoughts on the validity of this pattern given the broader bearish trend?
USDJPY

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AJackson82 PRO newbie Mar 5
Further to my previous comment, I've noticed the volume has been decreasing during this consolidation phase, which typically supports the descending triangle theory. However, the RSI is hovering around 35, suggesting we're approaching oversold conditions, which could lead to a false breakout to the upside. I'm considering waiting for a confirmed break below the lower trendline, ideally with a strong bearish candle, before entering a short position. My initial target would be the S2 pivot at 156.932. What are your risk management strategies in such scenarios?
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