USD JPY Poised to Challenge 95.38

The weakness in the equity markets has triggered a strong rally in theUSD JPY.  Currently this currency pair is in a position to breakoutabove the previous main top at 95.38.

Intra-Day Analysis

USD JPY

The weakness in the equity markets has triggered a strong rally in the USD JPY.  Currently this currency pair is in a position to breakout above the previous main top at 95.38.

The 60-minute chart established its first bottom at 94.00 in the pre-market.  At about the New York midsession a new higher bottom was formed at 94.60.  The drive through the last main top at 95.12 indicates that this currency pair may take a run at 95.38 before the end of the day.  A break through 94.60 will put downside pressure on this market.

The chart pattern is set-up for an upside breakout but everything depends on what the equity markets do

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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