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USDJPY: Choppy Sideways Drift Continues

USDJPY: Choppy Sideways Drift Continues

2011-09-05 02:45:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

Positioning is effectively unchanged from what we noted last week: “USDJPY put in a Tri Star candlestick pattern above 76.4% Fibonacci extension support at 76.28, pointing to indecision and hinting and hinting at fading bearish momentum, but a reversal has yet to materialize. A brief upswing though the 61.8% level was immediately reversed, leaving the pair in familiar territory once again. The setup offers no actionable trade opportunities and we will remain on the sidelines.”

USDJPY_Choppy_Sideways_Drift_Continues_body_Picture_5.png, USDJPY: Choppy Sideways Drift Continues

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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