USD JPY Forms Consolidatiion Pattern

Despite the uptend, the USD JPY is trading in a tight range.Fundamentally, Yen traders are confused.  The strong stock marketshould be attracting Japanese investors.  This should be bullish forthe Dollar.

Despite the uptend, the USD JPY is trading in a tight range. Fundamentally, Yen traders are confused.  The strong stock market should be attracting Japanese investors.  This should be bullish for the Dollar.

Unfortunately, the USD JPY is consolidating.  The Main Trend is up, but the short-term range of 94.45 to 98.89 suggests that this market is ripe for a pull-back to 96.67.

Should upside momentum begin to pick-up, traders will be looking to run stops over the last Main Top at 99.75.

For Gann Angle support and resistance email me at jhyerczyk@yahoo.com

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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