USDJPY;The Bears Tried To Break The Floor.


USDJPY Long Term Chart (Source http://www.dailymarkets.com)

Looking at the wedge or pennant that this pair has formed, you can see that the bears certainly tried to break to the downside this week. However, support has held so far, and a new shorting entry has not been triggered. Any future moves will have to be based on the trend lines of the pennant, and a break lower could measure out to a move all the way down to 66!

Please be patient, the signal will present itself, and should show direction for the foreseeable future. (by ForexMansion.com)

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