USD/JPY Ending Diagonal from 90.84 a Possibility
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote last update that “with the hold, the trend must be considered higher still. A new high could also complete an ending diagonal from 90.84…then we would have a monster short opportunity.” It’s looking more or and more like a diagonal is unfolding from 90.84. The diagonal lines should help with entry in the coming week(s). The line crosses about 101.10 on Tuesday and increases about 13 pips per day. Remember, sometimes the market will experience a ‘throwover’ in which price exceeds the upward sloping diagonal line before reversing.
FOREXTrading Strategy: Flat
LEVELS: 97.20 98.10 98.95 99.94 101.10 101.43
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.