USDJPY possible downtrend

27 בדצמ׳ 2019

A previous triple bottom and double top formation have caused the price to go up and consolidate between 109.204 to 109.681 for about 2 weeks, an ascending triangle has been identified and could signal a reversal. Furthermore, it is way above the 1 month POC of 108.593, this could signal it to draw nearer and hence a downtrend. Bollinger bands are also widening and the price has currently moved below the moving average. It has also touched the resistance point a few times, thus testing the strength of the resistance line.