Uncle Sam Whipped by Nippon
https://www.tradingview.com/x/fS4IBH98/
USDJPY forming a descending triangle on the four hour. Managed to hit large quarter point at 110, but each challenge led to higher lows consistent to the counter trendline. It seems like price action peaked above the 61.8 fib level, and no longer has bullish momentum. A reversal trend is imminent, most likely when price breaks below the blue line @109.819
If price does break below the blue line, then bears have taken over the trend and I will short until price reaches the orange zone.
Orange zone: 109.5-109.6
Price goal: Fib level 78.6 (@109.385)
USDJPY forming a descending triangle on the four hour. Managed to hit large quarter point at 110, but each challenge led to higher lows consistent to the counter trendline. It seems like price action peaked above the 61.8 fib level, and no longer has bullish momentum. A reversal trend is imminent, most likely when price breaks below the blue line @109.819
If price does break below the blue line, then bears have taken over the trend and I will short until price reaches the orange zone.
Orange zone: 109.5-109.6
Price goal: Fib level 78.6 (@109.385)
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