CHNJPY: A rising wedge is made.
The price of CHNJPY has been unstable. If we do some statistical analysis on this price, the variance could be very high.
As we can see, there are some big candles, some of them even broke out from the Bollinger Bands.
Now, the price is forming a falling wedge. As we know, the rising wedge is a signal for bearish, so I would say that the price could go down after the wedge is completed.
From the MACD and RSI, we can see that the price is still in an upward trend, so the wedge hasn’t completed yet.
The Bollinger Bands shrunk a little bit, which means the price could break out anytime.
For this situation, I would wait for the rising wedge to complete and see if there is any signal for a breakout.
As we can see, there are some big candles, some of them even broke out from the Bollinger Bands.
Now, the price is forming a falling wedge. As we know, the rising wedge is a signal for bearish, so I would say that the price could go down after the wedge is completed.
From the MACD and RSI, we can see that the price is still in an upward trend, so the wedge hasn’t completed yet.
The Bollinger Bands shrunk a little bit, which means the price could break out anytime.
For this situation, I would wait for the rising wedge to complete and see if there is any signal for a breakout.