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.