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Day: November 15, 2015
November 152015
USD/JPY Posts Bullish Flag — Ready to Go Higher
The daily chart of USD/JPY is currently showing a good example of a bullish flag pattern. Its pole has formed during the first week of November and its flag part has formed during the month’s second week. It follows a rather small uptrend and indicates a possibility for the currency pair to breakout higher. The pattern is marked with one finite yellow line, which denotes a pole, and two parallel yellow lines that […]
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November 152015
GBP/JPY in Ascending Channel — Recipe for Downtrend
Unlike its US dollar twin, GBP/JPY is preparing to make a dip lower based on the ascending channel pattern that has formed since the beginning of October. A bearish breakout from the channel would mean a return to a long-term downtrend that was active in this Forex pair since June. See the channel bordered with the yellow lines on the chart screenshot below. The cyan line is my breakout entry level positioned at 10% […]
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