Jun 02 2018

USDJPY- symmetrical triangle

USDJPY formed a symmetrical triangle on daily charts representing a period of consolidation before giving breakout or breakdown. The pair has put in a decent recovery out from 2018 lows of 104.62. However, the medium-term picture still remains bearish for USDJPY and there is risk for another topside failure that might lead to a drop back down towards lows of 2018. Initially the pair is likely to head upward towards 110-111 and face resistance around the same, while on the downside a break of 108.10 will extend the fall to 107.20 (61.8% retracement of 104.62 to 111.39). The technical picture for the pair is decidedly mixed. The RSI is around 50, indicating a lack of direction and also momentum is neutral With MACD is hovering around the zero line.