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Trading Signal: USDJPY Emerging Rising Wedge Pattern
Chart Analysis:
An Emerging Rising Wedge pattern has been identified on the USDJPY 4-hour chart. The pattern is in its final wave after a strong bullish run. USDJPY is currently heading towards the upper triangle line, with a possible resistance level at 151.4696. If the resistance holds, the Rising Wedge pattern suggests a potential rebound back towards current levels.
Trading Strategy:
- Consider shorting USDJPY if price fails to break above the resistance level at 151.4696.
- Place a stop loss above the resistance level to manage risk.
- Target a potential downside move back towards current levels as indicated by the Rising Wedge pattern.
Technical Indicators:
The following technical indicators can be used to confirm the trading signal:
- Relative Strength Index (RSI)
- Moving Averages (e.g. 50-period and 200-period)
- Volume Analysis
Correlation with Assets:
USDJPY may have a correlation with the following assets:
- US Dollar Index (DXY)
- Japanese Yen Futures
- US Stock Market Indices (e.g. S&P 500)
Economic Calendar Events:
Traders should be aware of the following economic calendar events that may affect USDJPY:
- US Non-Farm Payrolls (NFP) Report
- Bank of Japan (BOJ) Interest Rate Decision
- US Federal Reserve (Fed) Meeting Minutes
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