Pivotal Stance in USDJPY
May 5th, 2009
This USDJPY Weekly Chart reminds me of the saying that a picture is worth 1,000 words. A price chart definitely tells us everything the market knows about itself.
On the bear side of the coin we have a two year bear trend line, and a potential head and shoulder top.
From a bullish standpoint we have an intermediate-term up-trend marked by a pattern of higher highs and higher lows.
Given the influence of USDJPY and the coordination between all the yen pairs the 100 billion dollar question really is which way this market comes out of this set-up?
