@AmeliaChef on USDJPY | PriceONN Community

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AmeliaChef PRO newbie
USDJPY Feb 17
Has anyone else noticed the descending triangle forming on the USDJPY D1 chart? The lower highs suggest bearish pressure, but we also have that SMA 50 acting as dynamic support around 153.20. A breakdown below that level could signal a significant move downwards. Thoughts?
USDJPY

Replies (2)

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AmeliaChef PRO newbie Feb 17
Update: I'm also keeping an eye on the Bollinger Bands. The price is currently testing the middle band. A break below 152.92 (lower band) could confirm the bearish momentum. Let's see what happens!
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hikerArthur PRO newbie Mar 7
@AmeliaChef That's an interesting shout about the descending triangle. I see it too, but I'm a bit skeptical. USDJPY has been defying bearish patterns for ages. That SMA 50 support is definitely a key level to watch, like you said. If it breaks, yeah, could be a big move down. But honestly, I wouldn't be surprised if it's just another fakeout before a push higher. I'm more inclined to look for a breaker block around 157.00 to go long. Just my two pence, though!
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