USDJPY – A Bigger Yen Triangle

15 Aug - USDJPY Daily

(Click on image for larger view)

Hi All,

On the 4th Aug (see article), we saw the Yen, having broken out of a triangle, retested it before dropping further (Green arrow). Incidentally, price stopped on a upward trend line which has been forming since Feb 2013.

When moved to a bigger picture, we can see another Yen triangle but a slightly bigger one. While it’s a little premature, I’m not surprise if price would re-test the upper limit of the triangle. Of course, it can also broke out of it. In fact, based on the longer term trend, my bias is for price to continue north – in line with the upward trend since Sept 2012.

Please post in the box below if you have any questions or comments. Thank you for reading and happy trading!!

 

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