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orvilleawright

USDJPY (4H): Rising wedge expecting break to the downside.

U.S. Dollar / Japanese Yen (FX:USDJPY)  
orvilleawright  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY orvillewright support Support and Resistance price-action structure-trade 4hours
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usdjpy orvillewright support supportandresistance price-action structure-trade 4hours
USDJPY (4H): After double bottoming (on Sept 27) at the 100.00 support zone, price moved sharply higher and is now back at previous resistance. THe 50 SMA has catch up with current prices (due to slowing momentum) and there is a rising wedge which I am expecting to break to the downside. My downside targets would be the 103.0x zone (38.2% retracement) then the 102.0x zone (61.8% retracement). A strong break above the 104.3x zone could see prices testing the next resistance zone at 105.5x (127.2% extension)
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