#USDJPY: Two levels to watch for the up-coming direction #forex
We have been consolidating in sort of sideways pennant pattern recently as shown on chart, within the context of a bigger sideways consolidation between 122.00-115.00 levels.
Yesterday's daily candle was a sort of high-wave candle, marking 119.90(candle high) and 118.48(candle low) as key levels to watch for the next potential breakout direction. A break above 119.90 will probably complete a breakout above the descending resistance for the recent consolidation as well. in addition to the 50-days SMA, that could favor the bullish scenario, targeting 120.85 and 121.80.
Alternatively, a breakout below 118.48 could target the rising trend line shown on chart as an initial downside target.
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Technician
Yesterday's daily candle was a sort of high-wave candle, marking 119.90(candle high) and 118.48(candle low) as key levels to watch for the next potential breakout direction. A break above 119.90 will probably complete a breakout above the descending resistance for the recent consolidation as well. in addition to the 50-days SMA, that could favor the bullish scenario, targeting 120.85 and 121.80.
Alternatively, a breakout below 118.48 could target the rising trend line shown on chart as an initial downside target.
Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here thefxchannel.com/ ,
My best regards
Technician
