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Trading Signal: Falling Wedge Pattern on USDJPY
A Falling Wedge pattern has been identified on the USDJPY chart, indicating a potential bullish trend reversal. The pattern has broken through a resistance level, with price momentum continuing to move in an upward direction. This presents a solid trading opportunity for traders looking to go long on the currency pair.
Technical Indicators Used:
- RSI (Relative Strength Index)
- MACD (Moving Average Convergence Divergence)
- Volume Analysis
These technical indicators have confirmed the validity of the Falling Wedge pattern and suggest that the price is likely to reach 144.2859 in the next 9 trading sessions.
Correlated Assets:
USDJPY is highly correlated with the following assets:
- USD/CHF
- USD/CAD
- USD Index
Economic Calendar Events:
Traders should keep an eye on the following economic calendar events that may affect the USDJPY pair:
- US Non-Farm Payrolls
- Bank of Japan Interest Rate Decision
- US Consumer Price Index (CPI)
By staying informed about these events and using the identified trading signal, traders can make informed decisions and capitalize on potential profit opportunities in the forex market.
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