USD JPY WEEKLY ANALYSIS ~ tro forex trading system
USD JPY HEADING TO PENNANT RESISTANCE
Having formed a Pennant on its Daily Chart, the pair looked to have been headed towards the Resistance area of 103,80 after turning at Support. However, there has been a bearish U-turn mid-way the consolidation that could mean one of two things - a Double Bottom formation at Support, or a break of Support for a sharp breakout short.
DAILY CHART
DAILY CHART- BULLISH SETUP
DAILY CHART - BREAKOUT SHORT
The bullish scenario would provide a little over 100 pips in potential gain, while the bearish scenario would give several hundred pips due to the size of the Pennant. As traders, one would hope for the latter option, but for the exporters from Japan, further gains in the Yen would be the last thing they want at this time- the dilemma of market greed versus `real world´ concerns would certainly rage on.
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
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