finitemonk

USDJPY - POTENTIALLY IN STRONG WEDGE

FX:USDJPY   U.S. Dollar/Japanese Yen
97 0 0
The pair is meeting strong resistance from just below the median line of current fork (grey)
however it is also receiving support from a cluster of historically proven lines of various strengths (pink & blue);
hence the volatility from the 13th within a fairly narrow range.
Given that the median line was support, and is now resistance it looks bearish to a further fall, but given the complex support watch the wedge!
Until it is confidently down through the lower 0.25 parallel (around 93.5) I wouldn't be in too much of rush to short it to any degree.
As the weekend close sits almost right on the upper support line (pink) the re-open price is crucial, as to whether it is above or below support lines.
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