• Dec 9, 2024
  • Trade ideas

USDJPY: Symmetrical Triangle

USDJPY, H4

USDJPYH4.png

USDJPY is navigating within a symmetrical triangle and is sandwiched between between 150.60 resistance and 150.00 support.
The RSI crosses the 50-line up, however the 50-MA giving an extra layer of resistance for the asset, giving a mixed sentiment.

  • If the price breaks above the 150.60, it will trigger a rise to 151.90 resistance.
  • However, breaching below the 150.00 will drop the asset the 148.80 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul