ElemontFX

USDJPY Potential Setups

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             is in an interesting position with no clear future direction.
We have identified two patterns: A bearish flag pattern on the daily, and a pennant on the 4hr.
Considering the pennant is within the current flag pattern , we place more emphasis on the flag pattern .

We expect USDJPY             to either break above the current pennant , run to 3, and then drop OR break the flag pattern , where it will either bounce back up from the pennant (and shift the flag pattern slightly lower) or break the pennant lower and head towards the next support level .

We await these breakouts to determine direction.
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