Pattern RadarThe previous area of resistance on the intraday USD/JPY was between 91.87 and 92.13. If prices can find buying support at the key 92.00 level, then the uptrend on the 30 minute chart could continue. The
Continuation Rising Wedge is setting up a perfect swing scenario as prices could retest uptrend line support (S) at 91.90 or breakout higher through [...]
The dollar-yen is bouncing around within a wide range as the Continuation Ascending Triangle has not yet reached the “narrows” of the pattern.
The “narrows” of a pattern occur when you have a self-limiting pattern like a triangle or wedge where the pattern’s range steadily decreases until there’s no room left for prices to move and the pattern [...]
When a chart pattern alert appears there are a number of entries that could be valid to capitalize on the support and resistance of the formation. The 30 minute USD/JPY has formed at Continuation Descending Triangle which means that there is a downtrend line and a horizontal support level that make up the pattern.
Since the [...]
The USD/JPY is currently in a downtrend across the 15, 30, 60, and 240 time frames which is further explaining the current risk aversion in the market. The equities are not weak but there certainly a stall in the uptrend as the Dow consolidates between the 9,200 to 9,600 levels. The USD/JPY is a powerful [...]
With doubts slowly coming in as the doldrums of August set upon traders, there is a fear that September will bring a resurgence of negativity regarding equities and little risk appetite. Seeing this psychology play out is as easy as watching the USD/JPY which has begun to trend lower on short term intraday charts.
The 30 [...]
The USD/JPY has been consolidating across multiple time frames and this typically means that there will be multiple triangle pattern alerts. Multiple alerts for the same pattern type should not be dismissed as it is a great indication of the current market direction. Triangles are consolidation/congestion patterns and ideally develop in a sideways market. Couple [...]
Chart patterns are not the only tool available to determine the next leg of movement in a pair. Oftentimes the support and resistance identified by Forecast Regions can overlap across timeframes and offer insight into where buyers are sellers are stepping in. While Forecast Regions are normally reserved for profit targets after entries, preparing for [...]
The 60 minute Reversal Channel Down pattern on the USD/JPY tells the story so far this week: The yen is gaining on most currencies. The yen is often a flight to safety buy when traders and investors are risk averse. The risk aversion of the past month shows explains why the USD/JPY has gone from [...]
The 60 minute USD/JPY has formed at Continuation Rising Wedge — an uptrending pattern alert — that is trading higher up through the 99.00 psychological level. The pattern has reached what could be consdered the “narrows” of the wedge where prices are increasingly squeezed by the tightening range of the uptrend lines coming together.
The Initial [...]
The USD/JPY is trading above the 98.00 level and with the Dow up over 100 point pre-market, there is little reason to think that the climb will not follow-through. The 8:30am EST Jobless Claims number will be
a factor that could shake things up though so there is something that the market is waiting on to [...]