Thursday 27 January 2011
USDJPY FX - POSSIBLE INVERTED 'HEAD AND SHOULDERS'.
Today's downgrade by S&P on Japan could be the catalyst for the completion of a Major Inverse Head & Shoulders pattern, which could see a rally in USDJPY towards high 80s as a minimum. - the key is a successful break of 83.70/80. See chart below: - Though it may not be significant for stocks, in this highly correlated world it may co-inside with some profit-taking on the major indices.
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