Stock market today: S&P 500 in weekly loss as trade war fears intensifyy
The yen has formed a megaphone (bright blue on chart), that stalled out (purple megaphone ) at VWAP on its way from the top to the bottom.
That means it’s likely either reversing at VWAP for a breakout upward (purple scenario) or its forming a triangle (silver on chart) before a breakout downwards to the blue megaphone bottom.
It appears to be forming a small megaphone top on the move up of yesterday and today for a retrace to the blue megaphone VWAP. When it reaches VWAP it will likely start to megaphone, and the size of the megaphone waves will give us a hint about which scenario will play out.
The bigger and more violent the waves, the more likely the yen will have a sizable move up. The more restrained the megaphone, the more likely the yen will form a triangle continuation pattern.
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