USD/JPY Day Trading Signal – 30 Min Chart- June 22
The pair is in a sharp downward sloping wedge.
The interesting thing is this wedge’s apex is right at the major support level of 95.60. Thus, this wedge can give us an early indication of which way the market is likely to act off this support level.
From the chart you can see the trendlines of this wedge. A break above indicates a move of 75 pips from the breakout price, either up or down.
As of when I post this the upside trendline is at 96.00 and the downside breakout price is 95.80. The risk is small for the potential reward.
Want to learn more about chart patterns or other trading methods? Check out my Trading Courses page.
Source: Forexyard, USD/JPY 30 Min Chart
~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!
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Day Trading Ideas, Swing Trading Ideas | admin | June 22, 2009
forex, forex broker, forex market analysis, forex market commentary, forex signals, forex technical analysis, forex trades, free forex signals, jpy, usd, usd/jpy
Interesting day so far, but not because of the moves, rather because of the lack of them.
The whole range for the day today is about 55 pips. This is half of what is normal (average) for this pair.
So while we have moved out of that forex chart pattern, we are still watching for a breakout which will result from this pent up tight market.