USDJPY
After the initial rejection from the potential double bottom neckline the rate has fallen down to test the support at 112.20 again, therefore, invalidating my bullish bias.
I am now looking at this as a descending triangle or a box-range set-up and I am looking for a break below the support to enter new short positions.
Remember it can still turn around and trade higher, but triple bottoms are much, much rarer, therefore, much less likely than a descending triangle.
The only caution is this lower parallel of the year-and-a-half-long falling trendline, which has acted as the support for couple of times before. But if we can clear that there really is nothing on the left all the way down to 107.00 - which is the former resistance new potential support.
To see the full video on the weekly set-ups click here
