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.
There are probably still room on the downside.
ReplyDeletePotential double bottom in the making!
ReplyDeleteIt definitely looks like a double bottom.
ReplyDeleteGood analysis.
ReplyDeleteThat was delighting to me.
ReplyDeleteVery well spotted, thank you for sharing!
ReplyDeleteThank you for sharing.
ReplyDeleteThank you for sharing.
ReplyDelete