New York Session Watch - #USDJPY
USD/JPY has been squeezing all the way since yesterday and we have a triangle chart pattern showing up on this pair. The long term trend is still up as price is still way above the 200 period moving average. Tenken-sen and Kijun-sen are flat as are the shorter term moving averages due to this price squeeze. When the price breaks either way of this triangle, we could potentially have great buying or selling opportunities. Since the trend is still up, the odds that the price breaks above the triangle is higher but we still need to see the break to confirm.
USD/JPY has been squeezing all the way since yesterday and we have a triangle chart pattern showing up on this pair. The long term trend is still up as price is still way above the 200 period moving average. Tenken-sen and Kijun-sen are flat as are the shorter term moving averages due to this price squeeze. When the price breaks either way of this triangle, we could potentially have great buying or selling opportunities. Since the trend is still up, the odds that the price breaks above the triangle is higher but we still need to see the break to confirm.