USDJPY potential bearish breakout

2019-11-25 04:42:26

This could potentially be a critical week for USDJPY, especially since November is near a close. A breakout from this symmetrical wedge that has formed seems to be a probability. In my opinion, I believe it will be a bearish breakout, since price reversed at the .618 retracement level from the high of 112.400 back in April. With slight bullish exhaustion, price failed to make new highs indicating possible downtrend.
*MACD indicates downtrend
Stochastic RSI is just above oversold, indicates more room for downside.