USDJPY rejected at upper wedge boundary

In a previous analysis we noted the presence of a bearish technical setup in USDJPY. A bearish wedge pattern has been formed and as we noted between 109.60 and 110.30 resistance is very strong and a reversal was imminent.

Blue lines -wedge pattern

USDJPY is turning lower after getting rejected at the upper wedge boundary. Support now is found at 108.70. Breaking below the lower wedge boundary will be a bearish sign. Next support is at the November 21st low at 108.27. Breaking below it will confirm the wedge break down with target at the wedge base at 105. For now we focus on the lower wedge boundary.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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