Buy Signal on Weekly USDJPY Chart
June 12th, 2009
With USDJPY poised to shift its intermediate-term trend higher on the long-term charts, the technical indicators flashed Weekly buy signals today with the MACD closing above the zero level and with the Stochastic crossing above its trigger line. Classic technicians would still need a close above the current intermediate-term trend line in place on the chart below.
What a difference a few weeks makes, with this pair pulling up after finding no follow through selling below 95.00, as the short-term trend on the Monthly chart remained higher.
Jay Norris
