empty
17.10.2023 05:41 AM
Trading Signals for USD/JPY for October 17-18, 2023: sell below 149.51 (21 SMA - symmetrical triangle)

This image is no longer relevant

Early in the European session, the Japanese Yen (USD/JPY) is trading around 149.55 above the 21 SMA and below the 4/8 Murray. On the 4-hour chart, we can see that the Japanese yen has formed a symmetrical triangle pattern.

In the next few hours, a sharp break is expected to occur below the 21 SMA and below the uptrend channel formed since October 6.

If a bearish scenario unfolds, we should expect the Yen to trade below 149.50 and USD/JPY could reach the 200 EMA located at 148.11.

On the other hand, a bullish scenario is possible if the yen consolidates above 150.16 (Yearly High – 8/8 Murray). So, the instrument could reach +1/8 Murray at 151.56.

The main trend remains bullish for the USD/JPY pair. However, it is showing signs of exhaustion. The key for a technical correction would be to wait for the yen to fall below 149.50 to sell, with targets at 148.43 and 148.11.

In case a pullback occurs towards the psychological level of 150 and fails to break it, it will be seen as an opportunity to sell.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback