USDJPY Descending Channel Analysis
USDJPY is moving in a downtrend by forming lower highs, lower lows in Weekly Chart.
Since from December 2016, USDJPY starts to fall from 118 price level.
Then USDJPY made a 2nd lower high on Sep 2018, it’s exactly after 2 years.
Again after 2 years, on February 2020, USDJPY created another lower high.
After that COVID-19 impacted the market harder, Within 1-month market falls down to lower low in March 2020.
If you look out the previous lower low, it is on the same March month of 2018. Exactly after 2 years, USDJPY touched the lower low on March 2020.
Again the market made a big pullback to the lower high in a very short time.
In 4 hour chart, USDJPY formed a symmetrical Triangle pattern by creating lower highs, higher lows.
Recently, USDJPY has broken the bottom level of the triangle and it’s trying to retest the breakout level now.
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