JPY – A Descending Wedge Screams Bull

JPY showed a quick bout of bull strength on Monday and Tuesday of last week only to fall back down to the bottom of the wedge. That Tuesday bull bar could be the first sign of a reversal.

This week, we should be looking for another bounce off of the wedge to confirm a move to the upside. The first target is the 9EMA of the Monthly chart between 784.0 and 785.0, a brief pullback, then a breakthrough to the previous resistance at 807.0.

If we fall through the wedge, be cautious that JPY will fall much further. JPY has been in a strong descension since March of this year and is showing signs of waning bears. Look for long opportunities at these levels for at least a small swing to the upside.


JPY - Return of the Bulls?


Trade wisely and let us know what you think in the comment section below!


Risk Disclosure
Crypto, Stock, Futures, Forex, or any trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
The Trader Engineering Course found on this website at is for educational purposes only and the opinions expressed are those of the presenter only. All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account. You are responsible for the risk associated with every trade you take.


Please read the full disclosure here: