The JPYMXN seems to have no clear trend recently. An unstable situation could be a chance for traders!
First, I use recent high and low to build a Fib and see if any candle reaches the fib lines. Luckily, I found one, and I marked the retracement with the black dashed line. This dashed line is at around 0.786 level, which is a hard level.
Next, I found a falling wedge pattern. This is a bullish signal. I use blue arrow lines to mark out the rising range, which is according to the wedge pattern. Also, the support point of the wedge pattern is the resistance point for the previous Fib.
Now let’s see the MACD lines. The reverse already shows up, so we observe a clear cross with the blue line on top. This is also a signal of rising.
In conclusion, I would say that the price may go through a bullish in the near future.
First, I use recent high and low to build a Fib and see if any candle reaches the fib lines. Luckily, I found one, and I marked the retracement with the black dashed line. This dashed line is at around 0.786 level, which is a hard level.
Next, I found a falling wedge pattern. This is a bullish signal. I use blue arrow lines to mark out the rising range, which is according to the wedge pattern. Also, the support point of the wedge pattern is the resistance point for the previous Fib.
Now let’s see the MACD lines. The reverse already shows up, so we observe a clear cross with the blue line on top. This is also a signal of rising.
In conclusion, I would say that the price may go through a bullish in the near future.