Even if the USDJPY is on an uptrend on weekly chart, this pennants pattern that has been formed is probably a continuation of the decline, as there is a sharp fall in price.
Pennants are continuation patterns in which a large movement in the stock’s prices is observed after which there is a consolidation phase and then the continuation of decline.
141.4% is the target price base on Fibonacci extension and flagpole of the pennant.
"TA is just a probabilistic analysis- not certainty. Everything is possible. The analysis just points to what is likely probable. TA is not 100% correct." - George Tan
Pennants are continuation patterns in which a large movement in the stock’s prices is observed after which there is a consolidation phase and then the continuation of decline.
141.4% is the target price base on Fibonacci extension and flagpole of the pennant.
"TA is just a probabilistic analysis- not certainty. Everything is possible. The analysis just points to what is likely probable. TA is not 100% correct." - George Tan
