The USDJPY exchange rate has been forming a potential falling wedge pattern since March 2020. The market is trying to break the upper limit within a mentioned formation after testing its lower limit. What is more, the pair has also tested and defended the 78,6 Fibo expansion.
If the current upward trend persists and the upper limit of the wedge is broken, we may expect another rally to the recent tops. The first one may be located at 106,10, 107,00 and at 109,63.
The key support seems to be set by the line drawn through the bottoms.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the current upward trend persists and the upper limit of the wedge is broken, we may expect another rally to the recent tops. The first one may be located at 106,10, 107,00 and at 109,63.
The key support seems to be set by the line drawn through the bottoms.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
