USD/JPY, W1 - another test of long-term resistance
The USD/JPY has been testing the upper limit in the long-term triangle pattern for the second time, which has been forming on the chart since 2016. Quite recently, in February, the potential resistance was tested and defended. Then the price dropped to around 101.30. Nevertheless, at closing prices support was defended at 104.56.
As a result, the resistance is being tested again.
However, if the line drawn from 2016 is broken, we could see the triangle breaking out, which could mean a potential further strong upward movement.
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.
60% 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.
As a result, the resistance is being tested again.
However, if the line drawn from 2016 is broken, we could see the triangle breaking out, which could mean a potential further strong upward movement.
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.
60% 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.