Thursday, March 19, 2009

USDJPY going down to 98.00

From a swing low at point B, USDJPY retraced up to 76.4% with a higher high and low that culminated with a inverted hammer at 9:00 GMT. At that level, prices met with the resistance of downtrend line. The prices reversed down and bounced off the daily pivot and forming a  big triangle.  At US open (12:00 GMT), USDJPY  is at oversold position since prices are  at upper level of  COG and MACD is negative. If prices broke the lower channel of the triangle and the daily pivot at 98.55 I expected it to break down to 98.20 and than 98.00.   


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