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USD/JPY: A Bearish Reversal in the Making?

USD/JPY: A Bearish Reversal in the Making?

2010-05-07 12:18:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDJPY appears to be showing a Rising Wedge chart formation bolstered by negative RSI divergence, a setup seemingly indicative of a bearish reversal. Prices put in an Evening Star candlestick pattern below the wedge’s upper boundary and pushed lower, testing support just above the 90.00 figure. Current positioning is not attractive to enter short from a risk/reward perspective and we will opt look for confirmation on a break below the wedge bottom to seek selling opportunities.

05072010 JPY


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