USD/JPY - A Decision Has To Be Taken Soon: Up or Down?
The monthly chart of the USD/JPY is suggesting that the currency pair will soon have to decide whether to break the triangle up or down. It's been moving sideways for almost 3 years now, and after last month's big 450 shooting star candle (and the failed breakout higher), it seems like the selling pressure is increasing. Should it break lower, next levels are 104.70 (dashed line) and the demand zone below it (100 - 103.50). Note how the supply zone above (114.30+) pushed the price lower every time it reached it for many months.
The historical level of 101.20 (blue line) seems like a probable next target if the price breaks lower.
The historical level of 101.20 (blue line) seems like a probable next target if the price breaks lower.
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Still moving in the monthly triangle. Note how it bounced back up precisely from the support line of 101.20.
The triangle is monthly (on the weekly chart it closed above once and then went back in again), but if the March closes below the triangle, and perhaps below the area of 101, we're expected to see considerable moves down in this pair.