JPY bounced back hard on Fib 0.786 level which effectively formed the support trendline for a larger symmetric triangle.
The first three circles show a significant bounce back in price moment with a set of green candles pushing the price higher. The latest circle (right) is repeating its pattern which is now also supported by the bottom trend line.
The latest retracement landed on Fib 0.786 level on the exact bottom trend. This gives momentum for an upward price in the coming weeks.
The overall pattern forms a H&S within a YTD daily timeframe. This formation might push the current price closer to its resistant trend line and then falls to complete a H&S price movement.
The first three circles show a significant bounce back in price moment with a set of green candles pushing the price higher. The latest circle (right) is repeating its pattern which is now also supported by the bottom trend line.
The latest retracement landed on Fib 0.786 level on the exact bottom trend. This gives momentum for an upward price in the coming weeks.
The overall pattern forms a H&S within a YTD daily timeframe. This formation might push the current price closer to its resistant trend line and then falls to complete a H&S price movement.