Yen … ramifications of this pattern are big
CLIFF NOTES: let’s face it .. 2014 had been a complete YAWN w/ regards to the USD vs JPY cross. It completed a 5 wave move up into the 105.50 and now’s it’s been correcting in a rather less than volatile way. Things are NOW interesting. Again, PATTERNS PATTERNS PATTERNS is what this blog is all about and we have a PERFECT (time = price) pattern completing. Please see below:
CLIFF NOTES 2: why is this important …? Well, the pattern is completing right on top of a HUGE support level. So, the pattern works and we bounce, start back up OR it fails and we attack a key support level. This is going to get interesting.
CLIFF NOTES 3; take a look at the weekly. appears the RSI is breaking thru the top side of the bullish RSI support zone (40-50) so IF OUR PATTERN FAILS then we can make the probable bet she’s heading lower and into the lower bullish support zone – which on a weekly – can be farther. Right now, the 94 handles looks promising …folks that is 700 pips which is pretty big move.
stay tuned and let me know if you have any questions … watch the PATTERN on the 4 hour and have a good weekend.