Well done Marketwatch, as usual you're about 4 months too late with this one! Oh, and in case anyone thinks about jumping in on the short side on the USD/JPY pair, it's right on the weekly 200ema so could easily rally from here back up towards its 100sma at 11,570 currently, as a major Ma coming over the top like this often acts as a magnet for a pullback. If it does continue down, then I've got the weekly 200sma at 10,500, so it could have that in its sights. Just something to consider, and it'll be interesting to see what the weekly candle looks like at the end of tomorrow, or even the daily today.
The ‘Incredible Hulk’ chart pattern that’s smashing the dollar
The dollar took a sharp turn south against the yen on Thursday, but if you’d been watching a popular technical chart, none of this would have come as much of a surprise. What’s what has been forming for the last two years on that currency cross USDJPY, -1.52% is called the ‘head and shoulders’ pattern, typically viewed as a bearish sign. But in this case the chart pattern is taken on monstrous proportions. Technical wizards have seen this particular pattern coming for a while. Here’s how it is formed: the asset first rises to a peak and then declines, forming the left shoulder, then the price rises above ... (full story)