25 Sep 2015

CAN USD/JPY MAKE A LEGIT BREAK ON US GDP?


USD/JPY H4

The rate is currently testing the upper boundary of the symmetrical triangle formation it has been stuck for about a month. This consolidation pattern is quite significant because it has formed right after a bounce from the 2015 rising trendline support.

I am already holding a small long position, however, I will add to it if we see good US GDP figures later today together with a break of the 121.00 level.

I'd like to remind you that it is inadvisable to enter before the high risk event due to the uncertainty.

The stops should be based below 118.20 as the break below would signal about a meaningful change in the market sentiment and may start a deep retracement lower.

The short term targets are 61.8% and 100% triangle breakout targets at 122.80 and 124.15.






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