Wednesday, February 24, 2016

Double bottom on the USD/JPY?

The Dollar versus the Yen has fallen and visits again the 111.00 zone where it stalls and bounces to the upside, towards the 112.00 level. On the daily chart of the USD/JPY we can see that the price has formed a possible double bottom pattern. The confirmation line of the double bottom pattern could be the 115.00 level, which means that if the price breaks above the 115.00 level, then the pattern would be completed and the pair could change direction to the upside. However, the 115.00 level may also act as resistance.


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