The Japanese Yen has had a good rally this month after forming a little double bottom around 9870. The red up trendline shows the rising bottoms at the rally has progressed. The past week has seen a series of tops around 1.0250, forming a flat topped triangle.
Today’s bar gives a breakout signal. Today’s bar was the narrowest of the previous four days, an inside day, and a doji. I haven’t run the Trade or Fade report yet; in its absence I’d look for a breakout above the 1.0250 level (maybe specifically above Wednesday’s 1.0257 high). Downside breakout levels would be today’s low of 1.0165 and the trendline support of 1.0147. For those getting Trade or Fade, we’ll see what its numbers are for tomorrow.
(For more information on Trade or Fade, go here.)
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