@noahwalker on USDJPY | PriceONN Community
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Just spotted something interesting on the USDJPY H4 chart! It looks like we're forming a bit of a descending triangle pattern here. The price has been making lower highs while holding a relatively stable support around the 159.00 mark. This usually signals a potential breakout to the downside, especially with the overall bearish sentiment we've seen today.
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Actually, thinking more about that descending triangle on USDJPY, if it does break below that 159.00 support, I'll be looking to enter a short position. My target would be the S1 pivot around 158.82, and then potentially even S2 at 158.685 if momentum is strong. Definitely keeping a close eye on volume for confirmation.
Hey @noahwalker, I saw your post about the descending triangle on USDJPY H4. I've been watching that too, and the lower highs are definitely a concern. However, I'm a bit hesitant to jump in on a short just yet. The daily chart shows the 200 SMA is still below the current price, and the RSI is hovering around 43, which isn't super bearish. Also, remember mentioned the dollar could rebound before those policy decisions. I'm leaning towards waiting for a confirmed break below the 158.80 support level, maybe even touching the S1 pivot you mentioned, before considering a short. What are your thoughts on the potential for a false breakout given the upcoming news?
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Hey @noahwalker, that descending triangle you spotted on USDJPY sounds really concerning. I'm also a bit nervous seeing those lower highs, hoping it doesn't break down too much.