EURJPY: Descending Triangle for Bearish signal
The price has been fluctuating around the 123.878 level for a while. Although the total trend seems to be an upward trend as we can see from the trend lines, it is now making a descending triangle.
The descending triangle is a bearish signal, so the price may break down according to this signal. Let’s see if other indicators fit this direction.
The Bollinger Bands shrunk, which means the price would make some big change soon. In this situation, this could be a downward breakout.
The volume started to show the “red” signal since the descending triangle started to form. Buyers are not confident enough.
The MACD and RSI do not show any direction now.
Let’s expect the price to go down
The descending triangle is a bearish signal, so the price may break down according to this signal. Let’s see if other indicators fit this direction.
The Bollinger Bands shrunk, which means the price would make some big change soon. In this situation, this could be a downward breakout.
The volume started to show the “red” signal since the descending triangle started to form. Buyers are not confident enough.
The MACD and RSI do not show any direction now.
Let’s expect the price to go down
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