The pattern we see on the TrendMap below would generally be supportive of the trends on the higher time frames to the right. A green grid indicates an uptrend for that market on that time frame and a red grid indicates the trend is down.
Given the chart patterns on the higher time frame charts however, the shorter-term trends definitely need to be monitored. There is currently a potential 2-month double top on the Daily GBPJPY chart, a potential 4 month Head & Shoulder top for EURJPY, and the S&P 500 stock index is waffling right around 1000 — the biggest even number in the financial markets.
Should be interesting to see how the trends line up tomorrow following the non-farm payroll report.
Jay Norris
Brewer FX
Senior Market Strategist and Forex Educator
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