Home > Commodities and Rates, Short-Term Trader > USDJPY – Triangle Forming

USDJPY – Triangle Forming

November 8, 2010 Leave a comment Go to comments

The USDJPY is in the process of carving out a triangle and should breakout within the next 2-3 days. Given that the prevailing trend is down and the wave structure, at this time, another thrust lower looks most probable – with a target of 79.25-50.  However, one can't rule out the possibility of a breakout to the upside with a target of  82.75-83. Stepping back, glancing at the big picture, I still remain optimistic that a low of significance is in the works in the not too distant future.  Bullish sentiment, along with price,  is near historical levels creating a potentially explosive opportunity.  But, for now, I will remain focused on the short-term set-up at hand.





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