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Japanese Yen Triple Bottom (USDJPY Triple Top) Japanese Yen Triple Bottom (USDJPY Triple Top)
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Old 04-30-2007, 09:50 AM
DailyFx's Avatar
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Default Japanese Yen Triple Bottom (USDJPY Triple Top)
The USDJPY broke out from the 118.22-119.03 consolidation in what could be the C wave of an A-B-C triangle. Remaining below 119.84 warrants a bearish bias for expectations of the reversal from the triangle breakout.

The short term triple top at 119.74 also gives scope to more bearish potential. 119.84 is risk with former resistance at 119.03 serving as potential support. A potential head and shoulders reversal is visible on the daily.
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