Is USD/JPY about to go down?

Since we last touched base on USD/JPY, the currency still remains in an ascending channel with no imminent signs of a reversal warning. It will be interesting to follow the reverse candlestick signals on the daily time frame:

In the weekly time frame, the price for the NZD/JPY pair has touched the support zone formed by the levels 76.10-75.55 with a bullish engulfing. 50% Fibonacci level expanded along the last ascending move and it is also passing this zone. In addition to the above-mentioned signals, the price of asset pulled back from uptrend, therefore an increase in cross-rate is likely to happen next week.

In the daily time frame, Bitcoin entered the triangle. Now we are waiting for the asset’s price to get back to the lower side of triangle, and then pull back up:

Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.

The post Is USD/JPY about to go down? appeared first on Tickmill.