USD/JPY M30 Triangle Breakout Signals Potential Downtrend
A bearish triangle pattern has emerged on the USD/JPY pair's M30 chart, hinting at a potential breakdown and further downward movement.
Key Points:
Pattern: The pair has been consolidating within a triangle formation, characterized by converging support and resistance lines. This often indicates a period of indecision before a decisive move.
Sell Entry: A break below the lower support line of the triangle, around 148.10, could signal a bearish breakout and offer a potential sell entry.
Targets: Potential bearish targets are located at the support levels of 147.16 and 146.60.
Stop Loss: A stop loss can be placed above the upper resistance line of the triangle, around 148.50, to manage risk.
Additional Considerations:
Market Sentiment: The overall market sentiment and fundamental factors influencing both the USD and JPY will also impact the pair's price action.
Economic Data: Keep an eye on upcoming economic data releases from both the US and Japan, as they could influence the currencies' relative strength.
Risk Management: Employ proper risk management strategies, including appropriate trade sizing and stop-loss orders, to protect your capital.
Fundamental Factors :
1. Mixed US Housing Data Dampens USD Strength: Earlier on Friday, mixed US housing data, including weaker-than-expected housing starts but a surprising rise in building permits, cast doubt on the strength of the US economy and capped gains for the dollar. This could put downward pressure on USD/JPY.
2. Weak Japanese Machinery Orders Add to Downside Risks: Japan's core machinery orders, a key indicator of future capital spending, unexpectedly declined in November, raising concerns about the health of the Japanese economy. This could lead to increased safe-haven demand for the Japanese yen, weakening USD/JPY further.
3. Rising Global Risk Aversion Favors JPY: Heightened geopolitical tensions and ongoing recession fears in some economies are prompting investors to seek safe-haven currencies like the yen. This could contribute to a decline in USD/JPY.
Thank you
A bearish triangle pattern has emerged on the USD/JPY pair's M30 chart, hinting at a potential breakdown and further downward movement.
Key Points:
Pattern: The pair has been consolidating within a triangle formation, characterized by converging support and resistance lines. This often indicates a period of indecision before a decisive move.
Sell Entry: A break below the lower support line of the triangle, around 148.10, could signal a bearish breakout and offer a potential sell entry.
Targets: Potential bearish targets are located at the support levels of 147.16 and 146.60.
Stop Loss: A stop loss can be placed above the upper resistance line of the triangle, around 148.50, to manage risk.
Additional Considerations:
Market Sentiment: The overall market sentiment and fundamental factors influencing both the USD and JPY will also impact the pair's price action.
Economic Data: Keep an eye on upcoming economic data releases from both the US and Japan, as they could influence the currencies' relative strength.
Risk Management: Employ proper risk management strategies, including appropriate trade sizing and stop-loss orders, to protect your capital.
Fundamental Factors :
1. Mixed US Housing Data Dampens USD Strength: Earlier on Friday, mixed US housing data, including weaker-than-expected housing starts but a surprising rise in building permits, cast doubt on the strength of the US economy and capped gains for the dollar. This could put downward pressure on USD/JPY.
2. Weak Japanese Machinery Orders Add to Downside Risks: Japan's core machinery orders, a key indicator of future capital spending, unexpectedly declined in November, raising concerns about the health of the Japanese economy. This could lead to increased safe-haven demand for the Japanese yen, weakening USD/JPY further.
3. Rising Global Risk Aversion Favors JPY: Heightened geopolitical tensions and ongoing recession fears in some economies are prompting investors to seek safe-haven currencies like the yen. This could contribute to a decline in USD/JPY.
Thank you
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