USD JPY WEEKLY ANALYSIS

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.




RECENT EMAIL FROM CLIENT









____________________________________________________


SUBSCRIBE TODAY

____________________________________________________



Buy Now
US$120.00



Support independent publishing: Buy this e-book on Lulu.

Free 
 ___________________________________________


Duane Shepherd 
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
Facebook: DRFXTRADING 


_____________________________________________________________


Comments

Popular posts from this blog

STRATEGY NOW UP BY 23.78% WITH RECENT 2.00% USD CHF TRADE

NEW YEAR OFF TO A FLYING START - 231 PIPS & 194 PIPS ON NZD CHF TRADE

AGGRESSIVE 3.13% RETURN FROM THE AUD USD PENNANT CONSOLIDATION BREAKOUT