finitemonk

USDJPY - RESISTANCE & SUPPORT

FX:USDJPY   U.S. Dollar/Japanese Yen
65 0 0
The pair has found strong resistance at the 0.764 retracement level.
It is sort of in a quandry. It keeps sinking below the top edge of the
main downward pitchfork , but just above/ finding support (for now)
of the median line of a very effective & reasonable upward modified Schiff fork .
Many traders I think are expecting the pair to continue to rise.
If you take into account moon phases (really! - try adding them!)
it has probably reached a high point just after new moon, 8.14am (7.14 am UTC) this morning.
My suspicion, what I'm looking out for, is a collapse of the Nikkei tonight.
On the 15 minute chart it has both formed a double top, and in the process
of attempting to negotiate a head & shoulders form (if you draw lines at the right angle -
low left high right) supporting the idea it is in fact reluctantly going to drop here on.
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