Trade
Follow Us

Resources

Japanese Yen Triangle Possibly Complete

By Jamie Saettele, CMT, Sr. Technical Strategist
04 March 2011 15:40 GMT

480 Minute Bars

TopHeadline_1_body_usdjpy.png, Japanese Yen Triangle Possibly Complete

Prepared by Jamie Saettele

The decline from the February high has me thinking that the pattern from the November low is a bearish triangle. Coming under 8110 would confirm an intra month reversal. Wave e appears to have ended as flat, with the spike to 8300 (which was the 61.8% retracement) completing the pattern. Look lower.

Click here to see outlooks for the rest of the USD majors.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

04 March 2011 15:40 GMT