Although the overall trend is bearish
(observe to downward sloping black W1 TL), this index seems to be in a counter-trend ascending channel
(or rather, forming a Bearish Flag
). From the inherent inverse correlation with the Japanese Yen
, I expect to see all XXX/JPY rally higher as the Yen weakens. Upon a break and close beneath this channel (lime), I expect to see the JPY regain its strength and thus all XXX/JPY resume their plummet downwards.