The Forex Pattern, Price & Time Report – USD JPY – Midsession

The weak stock market is putting pressure on the USD JPY as Japaneseinvestors repatriate to avoid losses to their investments. Despite the weaker equity markets, the Main Trend is still up.

The weak stock market is putting pressure on the USD JPY as Japanese investors repatriate to avoid losses to their investments.  Despite the weaker equity markets, the Main Trend is still up.

The Main Range is 94.45 to 98.89.  The market is currently trading inside of a retracement zone at 96.36 to 95.77.

The Main Trend is down on the hourly chart.  The trend will turn up when the market crosses the last Main Top at 96.27.  Currently, this market has formed a new Main Bottom at 95.72 which is basically a bounce off of the .618 retracement level at 95.77.