Is the USD about to get a lot stronger against the Yen?
Hello hello,
I saw this interesting party piece while I was scanning over the USDJPY chart. It looks as if price action formed a cup-n-handle pattern since before the financial crisis and could possibly be close to an enormous rally to new heights.
Now I know anything can happen and that we must take fundamentals into consideration along with technical analysis, but it's no secret that the Fed wants to raise rates (even though they're on a "pause" for now) and are likely to do so going forward. Also, fears of an imminent US recession are rising so nothing can be left to chance.
So let's assume that this "cup-n-handle" pattern is valid and breaks to the upside and the Dollar rallies, we could be in for a long term target of 160 Yen to the U$D.
Once again, these are my thoughts and can by no means be taken as financial advice. Do your own research when you're looking to trade financial markets.
Ciao :)
I saw this interesting party piece while I was scanning over the USDJPY chart. It looks as if price action formed a cup-n-handle pattern since before the financial crisis and could possibly be close to an enormous rally to new heights.
Now I know anything can happen and that we must take fundamentals into consideration along with technical analysis, but it's no secret that the Fed wants to raise rates (even though they're on a "pause" for now) and are likely to do so going forward. Also, fears of an imminent US recession are rising so nothing can be left to chance.
So let's assume that this "cup-n-handle" pattern is valid and breaks to the upside and the Dollar rallies, we could be in for a long term target of 160 Yen to the U$D.
Once again, these are my thoughts and can by no means be taken as financial advice. Do your own research when you're looking to trade financial markets.
Ciao :)