JPYX Daily Analysis – Will We Break to the Upside?
JPYX has been in a descending wedge holding pattern since July of this year and has yet to successfully break out toward the upside. This analysis predicts a pullback from the bear trend up to the Daily 200EMA around 792.0 and if penetrated, to the 807.0 area.
1. JPXY is in a descending wedge pattern which is a bullish signal
2. Several bull candles attempting to breakout
3. The bear candles are getting weaker as we consolidate downward
4. The Daily 200EMA target is aligned slightly below the wedge high
5. RSI has some room to move up
I do not believe we are in a situation where JPXY will reverse at a macro level, the trend is still bear until we start putting in higher highs on the monthly candles above the Monthly 30EMA. In the short term, I would be careful betting against JPY on the Daily and Weekly given a pullback may be around the corner.
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!