USD/JPY breakout going into Asian session. |
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The USD/JPY 60 minute chart has set up a Continuation Triangle which has broken out…the breakout occured during the “doldrum” part of the day and therefore is not a trade that would qualify as a valid entry point if you follow the PowerStats Pip Movement Range guidelines at Autochartist.
Since prices are reaching a double top (red line) as well as closing in on the Forecast Region there is likely some selling pressure that will build here.
The play here is either a swing to the top line of the Wave (34ema high) on or a short off this near term ceiling with a tight stop at 96.67 which is ten pips above the 6/26 high.
Filed under: Chartology
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