USDJPY moving in a downtrend

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.

USDJPY Triangle breakout in 4hr chart

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.

If you like to receive forex trading signals at best trade setup with chart analysis, subscribe now to our forex signals.

FOREX GDP

Forex GDP team provides High Quality Forex signals services exclusively to all type of traders around the world. Each signal given with chart analysis that helps you to trade with confidence on your account. Forex GDP team worked with Major banks, Financial Institutions, Liquidity providers, Forex brokers in different job positions such as Equity Dealer, Fund Manager, Senior Market Analyst, Risk Manager and other major roles in Forex Trading Companies. Try free now to see the quality trades on your account.

FOREX GDP