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Daily Forex Technicals |
Written by FXTimes |
Jul 11 11 14:29 GMT
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USD/JPY Breaks Below a Rising Wedge
The USD/JPY is breaking below a rising wedge with force.
The market should find support either at 80.00 or down to the 79.56 low.
From here, we can expect a bounce towards 81.50. A break above than targets 82.25.
Below 79.56, we can be looking at a slide down to 77.95-78.00, than the 76.00 low.
80.70 is an important pivot. The previous inability to sustain a break back above it on a bounce from the wedge support shows that the market is bearish in the short-term.
Therefore, if the market breaks back above 80.70 today, which would coincidentally also break above the 200SMA in the 4H chart, we are less likely in the bearish scenario, and still have a chance to build a bottom above the 79.70 origin of the rising wedge.
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