USD/JPY – Flag Breakout and Throwback

\ 8:13 AM EDT \ January 30th, 2013
Forex Technical Update

USD/JPY 1H chart 1/29/2013 11:45AM EST

(click link to see chart)
http://screencast.com/t/MocCl2doN

Flag: The Flag pattern noted in yesterday’s USD/JPY update is broken, and USD/JPY has made a new high on the year. As we move in to the 1/30 US session, there is a throwback. Will the market continue to make new highs after these risk events?

Remember today is heavy on key fundamentals. GDP is about to be released, and FOMC decision will happen at 2:15PM EST. If things don’t shake up, then the continuation could be expected.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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