Bull market in USDJPY has begun
- Posted by PeterLBrandt
- on November 15th, 2012
Charts point to a target of 94.00-plus
The $USDJPY is forming a possible bottom of major significance. The weekly graph below shows that the market is rounding up to a 2+ year H&S bottom. A close above 84.50 is required to complete this pattern.
The right shoulder of the weekly H&S pattern is itself a H&S pattern on the daily graph (albeit awkward). This pattern could be completed by today’s strong advance.
The Yen has a tendency to really rip when a trend begins. While the market may appear overbought with the advances of today (if it holds) and yesterday, I believe being long USDJPY has a very measurable risk to below Wednesday’s low.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »