USDJPY Updated Inverse Cup and Handle Pattern Break or Bounce

USDJPY completed the handle of the Inverse Cup and Handle pattern and its now testing the previous daily low.

If USDJPY breaks down then it should retest the daily support turned resistance as the 200MA Daily, 50/200 MA Weekly, 50/200MA Monthly Moving Averages should provide support for the price to bounce.

If it bounces from here then it needs to once again challenge the 50MA Daily that rejected the price twice already. It should act as resistance and if USDJPY is now switching to a downtrend then it should hold.

Either way next week's price action will be decisive

Any feedbacks are appreciated!

Kommentera:

Looks like this monster bounced off and its now on trying to break that 50MA. Looks like the Market Grandma will be deciding the trend on friday

Trade stängt manuellt:

Updated the chart as a new Idea