15 Oct 2015

USD/JPY TRIANGLE AND TRENDLINE BREAK - HOW FAR CAN IT GO?

USD/JPY DAILY

The rate has made a downside break out of the 2-month-long symmetrical triangle and the rising trendline support.

I believe the move is more corrolated with the overall USD weakness than a genuine risk aversion which would be needed to find a serious followthrough.

The immediate attention should now be focused on the August low at 116.00 as the break below this level would indicate a more serious retracement lower.

While we are trading above this level I am still keeping my overall bullish bias for the pair, however, keep an aye out for risk aversion theme in the equity markets for early signs for continued weakness here as well.


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