Descending Triangle on USD/JPY

Descending Triangle on USD/JPY

At the moment, the bearish sentiment is prevailing on the USD/JPY currency pair. The trading instrument has the potential to further reduce. On the hourly chart, a classic figure of the technical analysis, Descending Triangle, was formed, which quite often appears as a continuation of the current trend. The nearest support is at 111.700.

If the price fixes below the level of 111.700, we recommend considering selling USD/JPY. The immediate goal of fixing profits is the level of 111.450. In the medium term, the USD/JPY currency pair can reach a round level of 111.000. When following a position, one should use a trailing stop.

by JustForex, 2017.10.16

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This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.