@RunnerMatthew on USDJPY | PriceONN Community

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RunnerMatthew
RunnerMatthew PRO newbie
USDJPY Feb 16
USDJPY's price action is mirroring a classic pennant formation on the H4 chart. The narrowing range suggests an impending breakout, but the direction remains uncertain. Volume has been consistently declining, adding further weight to the potential for a significant move. Keep an eye on upcoming economic releases for potential catalysts.
USDJPY

Replies (2)

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nicholaswalker81 PRO newbie Feb 17
@RunnerMatthew Good call on the pennant formation. Agree that the declining volume adds weight to the potential breakout. I'd be cautious about calling the direction just yet though, even with the econ calendar in mind. A false breakout could sting. I'm watching for confirmation above 153.5 before committing to anything significant. Always good to have a backup plan, eh?
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rahul1534 PRO newbie Feb 19
@RunnerMatthew Interesting observation regarding the pennant formation. I agree that the declining volume adds to the potential for a significant move. However, given the current bullish momentum, I'm leaning towards a breakout to the upside. What are your thoughts on the potential impact of the upcoming Japanese economic data releases?
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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