Monday, June 8, 2009

USD/JPY Trade Update for 080609

Main momentum for the JPY bearish trend had been nullified and the price continues bullish to the USD direction, showing the recent move to be a re-trace wave. However, the failure of the price to significantly exceed the Target 1 will be a sign of strong resistance from the main JPY territory trend line above in red. Yes, the final USD calm before a JPY storm.

By that happening, the price will be optimal for a Double Top Pattern hypothesis bearish test trade to challenge the lower blue trend line once again. A crucial issue is that the chart shows the price approaching inside a triangle pattern. It suggests a price consolidation before heading into a new USD zone or descending into a new JPY zone. Overall in the technical perspective, on day to day terms this week, the current consensus for USD/JPY is a good 3/5 USD bias.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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