USD/JPY: Descending Triangle

0
123
USD/JPY: Descending Triangle

USD/JPY: Descending Triangle

USD/JPY has been making lower highs as it continues to test support at  101.30, forming what looks like a descending triangle on the 4-hour chart. If support still holds, we could see the pair bounce up again to test the falling trend line which lines up nicely with the SMA 200, SMA 100, and Friday’s highs.

A break above this resistance level could be the start of an upward trend but confirmation in the form of candlesticks must be taken into consideration first.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com.

**relatedarticle**