The USD/JPY currency pair in the 1-hour time frame (left image) shows an uptrend. Looking at the 3-hour time frame (right image) however changes the whole picture, instead of an upward trading range, we might be seeing a rising wedge. Despite USD/JPY’s unpredictable direction, it’s still a good currency pair to look at since a break out from the downtrend in the 3-hour chart is a good buy and a breakdown from the possible rising wedge on the other hand would be a great time to short sell.
More on this topic
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USDJPY: It Isn't Correlated
(Comments for thetechnicaltake, 3/11/10)
ADP Employment Report Spurs USDJPY Higher
(Jutia Group, 2/3/10)
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Great site Al! Keep up the good work!
Thanks bro! Stay macho! haha
Al! ibang klase ka na! We’r proud of you!
Thanks sir! haha