USD JPY Forming Bullish Secondary Higher Bottom

The late trading action in the USD JPY indicates the buying may be greater than the selling at current price levels as this pair is in a position to post a secondary higher bottom.

Last week’s closing price reversal bottom helped signal the start of a possible change in trend to the upside in the USD JPY.

Earlier this week, last week’s closing price reversal bottom was confirmed.  Today this pair appears to have survived a test of the bottom at 90.13 and is now in a position to form a secondary higher bottom.

A close over .9109 will be as good sign of a higher bottom, but a close over the 50% price at .9133 will be an even better sign that the buying is greater than the selling at current levels.

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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