The Forex Pattern, Price & Time Report – USD JPY – Mid-Session

The first sign of weakness in the USD JPY was the failure to follow-through to the upside following an antempted breakout through a Main Top at 98.55. 

The first sign of weakness in the USD JPY was the failure to follow-through to the upside following an antempted breakout through a Main Top at 98.55. 

Based on the range of 97.28 to 98.57, the break should have stopped at 97.92 to 97.77.  Although it stopped temporarily in this range, there wasn’t enough buying power to support a rally.

The pentration of .97.77 is attracting selling pressure which could trigger a sharp decline to 97.28.  An even further decline is likely if 97.09 is broken.  If this is the case then look for the break to continue down to 96.67.

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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