Hello Traders ,
USDJPY is currently trading in triangle pattern on daily chart and very close to descending trendline , ascending trendline is not far away too..
We would like to see how this pair reacts in this week on current levels as price is expected to oscillate between 2 trendlines till friday NFP which may provide fresh direction to the pair ,
Price already broke once below ascending trendline but bears cudnt manage to follow through shorts suggesting that there is not much pressure towards downside even though Data from US has been dissappointing ..
For now we suggest Short from Descending TL and longs from Ascending one till friday with Tight Stop Loss as price is still trying to find its direction.
Please follow us for more ideas & updates..
USDJPY is currently trading in triangle pattern on daily chart and very close to descending trendline , ascending trendline is not far away too..
We would like to see how this pair reacts in this week on current levels as price is expected to oscillate between 2 trendlines till friday NFP which may provide fresh direction to the pair ,
Price already broke once below ascending trendline but bears cudnt manage to follow through shorts suggesting that there is not much pressure towards downside even though Data from US has been dissappointing ..
For now we suggest Short from Descending TL and longs from Ascending one till friday with Tight Stop Loss as price is still trying to find its direction.
Please follow us for more ideas & updates..