Quote:
Originally Posted by 4xStar
Is that a head & shoulders on the hourly U-J? If so, looks like neckline is sloping slightly upward and has already been broken, though not convincingly.
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Keeping a close eye on all Yen crosses - just about every one of them (with the exception of N/J, A/J and CHF/JPY) are double bottoming. I'm not sure if a reversal is in the offing, or if one is whether we'd see it until Europe anyway, but it's worthy of taking notice in case the pattern evolves.
Also noteworthy here is that price is finding support on the Guppy @ the 38.2% retracement level (range: last week's low at 208.02 to this week's high @ 215.88) @ 212.87.