USDJPY 1HR Possible transition to sideways or a bull trend
Here's another possible wedge breakout setup that I'm currently watching, possibly in anticipation of a transition to a more sideways movement or possibly even a reversal back to the bulls.
Granted the bear trend still looks pretty strong, we are currently stalling at key support (around 106.80 area) and I am seeing a falling wedge price action with a false breakout to the downside. It may be possible that the big false breakout bear bar may be indicative of sellers exhaustion?
A good break below 106.80 cancels this outlook as we may see more of this selloff.
Let's see how this progresses.
Granted the bear trend still looks pretty strong, we are currently stalling at key support (around 106.80 area) and I am seeing a falling wedge price action with a false breakout to the downside. It may be possible that the big false breakout bear bar may be indicative of sellers exhaustion?
A good break below 106.80 cancels this outlook as we may see more of this selloff.
Let's see how this progresses.
