USDJPY Fails on Triangle Resistance Breakout on Daily Chart

16 Feb 2015

The USDJPY broke above triangle resistance last Wednesday, only to reverse all of the day's gains Thursday, closing lower than the prior day's low. Friday, the USDJPY exhibited a very tight range, but gapped lower to start today (Monday) in the Asian session. With daily RSI, Stochastics and MACD all sloping down, odds are favouring the USDJPY breaking beneath triangle support in the next few days.

For my multiple timeframe analysis on USDJPY, feel free to visit: tradablepatterns.com/tag/usdjpy/

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