Tech Charts Bonanza

Just looked at USDJPY, and it looks like there is a trendline formed, along the bottom.

Now, I must say that it is very unusual for USDJPY to strictly follow potential trend lines. As far as this one goes, the third time it touched it would generate a buy, but since it has no historical respect for trend lines on H1 I wouldn't think about taking that trade.

Regardless, I will be watching this one, and will make a follow up post about it.

What looks like a break and confirm here...

That confirm is also an inside bar, so it doesn't mean anything but you might want to consider that it could break bottom of it and fall down.


I think it's safe to say that if this inside bar is broken up before down, we'll see my targets:...

1. Along the top line (60%) (HIT)
2. 1.4407 (20%) (PENDING)
3. 1.4430 (20%) (PENDING)

... get hit

I just saw something, I would suggest exiting all swing term longs @ 1.4407.

You look at daily, draw a trendline, and it's right there.

Strong support it is, for now, that is.

I wen't long a bit early when I saw it was bottoming out @ 12:00 EST,

but I was a bit too early,

I then added @ 1.4180, now averaging 1.4207

I would drop off any longs @ 1.4275.

I would still favor a rally to 1.4407.