 As anticipated, the breakout yesterday was just expanding the consolidation action from a rising triangle to a flat, or sideways channel. The 4H chart shows some of the internals of the consolidation, and so far there has been non-impulse waves within the flat. To me, this suggests the market may… |
 Yesterday, the anticipation of a rally within a rising channel was incorrect. Instead, the market broke below the rising channel. I mentioned in the Chartist Corner session that a break below the previous low at 86.90 would invalidate the near-term bullish outlook. The scenario is different now. The market has completed a… |
 A little recap first; USD/JPY bounced from 87, but fell after testing 89. The market is supported here above 86.26, but I suspect some further decline towards… |
 The daily chart shows a continuation pattern right at the channel resistance. This type of market action means that the market actually is NOT respecting the channel. Fibonacci expansion levels and retracement levels have.. |
 The USD/JPY has been very weak, but seems to have found a bottom at 87. After several failed daily attempts at breaking below this level, the market started to rally during yesterday’s US session. The market is now near… |
 The USD/JPY pair has been declining as expected. The target is 88.30, suggested by a negative reversal in the daily time-frame. You can refer to any of the recent USD/JPY updates to see this projection… |
 The Japanese yen started to gain on Friday and came out on Sunday continuing its strength across the board. The USD/JPY topped off below 93.00 last week, was not able to sustain a break below 91.0, and is now in a pullback… |
 The USD/JPY pair has been in sideways consolidation. You can see channel in the daily chart formed roughly between 95 and 88. If today closes without much USD/JPY rally, it may provide a bearish signal with… |
 The USD/JPY has been under my radar because it is in the middle of a wide consolidation zone. The 92 area may be a central pivot in the sideways range. A break above suggests the USD/JPY will test the 95 area again. However this scenario is challenged by a possible negative reversal forming, although it has not formed. For it to form, the market will have to top off below 93.30. But if the RSI… |
 This is a reward to risk assessment from earlier this morning’s USD/JPY update. The market did not rally past 93.40 and broke below a near-term rising trendline. The RSI is still above 40, but is declining and a break below would give further.. |