Double Bottom in USDJPY?

I was hoping for a test of the old Gann 0/8ths line for USDJPY but it looks like we may have a bottom on the 1/8th line, which is none the less a powerful support level.

It looks like we have a potential double bottom in place, with pronounced divergence in place on the MACD and a counter-trend buy signal on a trend line violation and a Stochastic cross off it’s oversold level.

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About Jay Norris

Jay Norris is Director of Education at Trading University, has over 30 years of trading experience, and is the best selling author of "Mastering The Currency Market", McGraw-Hill, 2009, and "Mastering Trade Selection and Management", McGraw-Hill, 2011. He has also been published multiple times in Technical Analysis of Stocks & Commodities magazine.

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