Wednesday, September 02, 2009

USD/JPY Pattern Breakout

USD/JPY H4 Chart

USD/JPY H1 Chart
Above are the USD/JPY 4 hour and hourly charts. The Dollar/Yen breaks have just breaks its ascending triangle pattern. I am expecting that the downtrend resumes through the rest of US session and later in Asia session. I have identify several possible support levels for targets which are 92.54 (Monday's low) first, 92.24 area next (projection of BC), and 91.48 area last (projection of AB). Break above the resistance trendline will change the outlook back to neutral.