Hello There,
welcome to my new analysis about JPYUSD on the daily timeframe perspective. JPYUSD emerged with strong bearish pressure increasing bearish alignments and is forming one lower low after another. Right now, I have spotted a lot of signs that point towards the bearish direction's continuation.
When looking at my chart, we can watch there how JPYUSD pulled back from this crucial descending resistance line several times. This is a strong resistance, which will likely keep being a resistance within the next times. Also, JPYUSD has this upper resistance line as a major resistance.
The fact that JPYUSD now trades below the upper resistance line makes it a really bearish setup. Below this structure, JPYUSD is forming this determining bear flag formation. The formation is going to complete with a pullback from the massive resistance cluster as seen in my chart.
Once the pullback happens and JPYUSD continues to the downside, it is going to activate the bear flag target zone with a final breakdown below the bear flag lower boundary. Right now, there is not a high possibility of JPYUSD reversing to the bullish side because the resistances and bearish signs are just too strong.
Once the formation has been completed and the final targets reached, further assumptions need to be made. It will be important to determine if JPYUSD has the ability to reverse once the final targets have been reached.
In this manner, thank you a lot for watching!
The support is highly appreciated.
VP
welcome to my new analysis about JPYUSD on the daily timeframe perspective. JPYUSD emerged with strong bearish pressure increasing bearish alignments and is forming one lower low after another. Right now, I have spotted a lot of signs that point towards the bearish direction's continuation.
When looking at my chart, we can watch there how JPYUSD pulled back from this crucial descending resistance line several times. This is a strong resistance, which will likely keep being a resistance within the next times. Also, JPYUSD has this upper resistance line as a major resistance.
The fact that JPYUSD now trades below the upper resistance line makes it a really bearish setup. Below this structure, JPYUSD is forming this determining bear flag formation. The formation is going to complete with a pullback from the massive resistance cluster as seen in my chart.
Once the pullback happens and JPYUSD continues to the downside, it is going to activate the bear flag target zone with a final breakdown below the bear flag lower boundary. Right now, there is not a high possibility of JPYUSD reversing to the bullish side because the resistances and bearish signs are just too strong.
Once the formation has been completed and the final targets reached, further assumptions need to be made. It will be important to determine if JPYUSD has the ability to reverse once the final targets have been reached.
In this manner, thank you a lot for watching!
The support is highly appreciated.
VP
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.