Chart Overview:
USD/JPY is printing a textbook rising wedge formation, typically a bearish pattern—especially when occurring at the top of a major move.
What makes this setup compelling:
Price is testing the upper wedge resistance near the 148.50–149.00 region, a historically reactive zone.
There’s clear confluence with the 200 SMA, horizontal resistance, and wedge structure—all signaling potential exhaustion.
🔍 Key Technicals:
🧠 Educational Note: Rising Wedge Patterns
A rising wedge is a bearish reversal pattern, especially potent when it forms after an extended rally. The structure narrows as buyers lose steam, leading to a likely breakdown once support is breached.
Pro Tip: Always confirm a wedge breakdown with a close below support + volume spike or bearish engulfing.
🔄 Invalidation:
This idea becomes invalid above 150.467, where the wedge breaks upward and price potentially enters a new bullish phase. Marked clearly as “Idea Invalid” on the chart.
🧠 Final Thoughts:
This chart combines price action, pattern structure, RSI divergence, and SMA confluence — a high-probability scenario favored by elite traders. If you trade based on confirmation rather than prediction, this could be a setup to watch closely.
🗣 Drop your thoughts or questions below!
💬 Let’s learn and grow together.
USD/JPY is printing a textbook rising wedge formation, typically a bearish pattern—especially when occurring at the top of a major move.
What makes this setup compelling:
Price is testing the upper wedge resistance near the 148.50–149.00 region, a historically reactive zone.
There’s clear confluence with the 200 SMA, horizontal resistance, and wedge structure—all signaling potential exhaustion.
🔍 Key Technicals:
- Resistance Zone: 148.00–149.00 (Highlighted Supply Zone)
- Rejection Candle Pattern: Recent upper wick shows rejection and buyer fatigue
- Bearish Divergence on RSI (14): Price made higher highs, RSI printed lower highs — a classic warning signal
🧠 Educational Note: Rising Wedge Patterns
A rising wedge is a bearish reversal pattern, especially potent when it forms after an extended rally. The structure narrows as buyers lose steam, leading to a likely breakdown once support is breached.
Pro Tip: Always confirm a wedge breakdown with a close below support + volume spike or bearish engulfing.
🔄 Invalidation:
This idea becomes invalid above 150.467, where the wedge breaks upward and price potentially enters a new bullish phase. Marked clearly as “Idea Invalid” on the chart.
🧠 Final Thoughts:
This chart combines price action, pattern structure, RSI divergence, and SMA confluence — a high-probability scenario favored by elite traders. If you trade based on confirmation rather than prediction, this could be a setup to watch closely.
🗣 Drop your thoughts or questions below!
💬 Let’s learn and grow together.
💎 FREE FOREX and CRYPTO Signals: t.me/WWInvestmentsFree
🌐 Website: taplink.cc/wrightwayinvestments
🌐 Website: taplink.cc/wrightwayinvestments
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💎 FREE FOREX and CRYPTO Signals: t.me/WWInvestmentsFree
🌐 Website: taplink.cc/wrightwayinvestments
🌐 Website: taplink.cc/wrightwayinvestments
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.