USDJPY has formed three distinct highs around the same resistance area, creating a clear triple top structure. Each attempt to move higher was rejected, showing that buyers are losing momentum while sellers continue to defend the upper zone.
Price is now approaching the support beneath the pattern. A decisive break and close below this area would confirm the triple top and increase the probability of further downside toward 163.000.
Until that support is broken, the pattern remains unconfirmed. For now, the key is to wait for a clear breakdown before expecting the bearish move to continue.
Price is now approaching the support beneath the pattern. A decisive break and close below this area would confirm the triple top and increase the probability of further downside toward 163.000.
Until that support is broken, the pattern remains unconfirmed. For now, the key is to wait for a clear breakdown before expecting the bearish move to continue.
Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.