Double Bottom in EURJPY Comes to Fruition
Last week’s potential double bottom in several of the yen pairs on the 240 minute charts came to fruition in EURPJY today, as the pair closed above the previous 2-week high to post a 1-month high and high settle. Today’s rally shifts the short-term trend higher on the Weekly chart and puts EURJPY in a position to retest the August high at 138.72.
USDJPY saw a trend shift higher on the Daily chart which likely points to a test of this months high just below 93.50. The current trend for USDJPY on the Weekly chart remains lower.
We first pointed out potential bottoms in the yen pairs last week — 9/16; see: http://trading-u.com/blog/index.php/archives/828
GBPJPY however remains a laggard with a close above approx 150.00 needed to shift the daily trend from its current bearish stance.
Jay Norris
www.trading-u.com
jnorris@brewerinvestmentgroup.com
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