Wednesday, June 3, 2009

USD/JPY Triangle

I wanted to mix things up a bit and include some stuff for the forex traders out there. I follow the currencies daily but don't trade them, at least for now. Anywho, noticed the Japanese Yen is ready to bust out of a nice triangle on the 60min chart. As you can see on the chart price has been contracting the past week in a series of higher lows and lower highs. It is near the apex of this triangle tonight and the RSI and MACD confirm this as they too have formed triangles of there own. The Yen is sitting around 96 currently and above the pivot point. I kinda favor the upside breakout here but it really could go either way. One thing for sure is that coiled spring is ready to move. I think when the move comes it could be good for at least 200 pips as a swing trade. Trade safe.

No comments: