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USD/JPY - Potential Continuation Pennant

Posted on March 3, 2009 at 14:36 in Analysis by James Chen

USD/JPY Daily ChartPrice action on USD/JPY, a daily chart of which is shown, has formed a small pennant pattern within the context of the latest bullish run. This pennant may be considered a minor price consolidation before a potential continuation of the new uptrend. In the event of any strong break above the top border of the pennant, price should target substantial further resistance around the key psychological 100.00 level.

UPDATE: As of early Wednesday morning, price action has indeed broken out above the continuation pennant, and appears poised to target the 100.00 region.

2 Responses to “USD/JPY - Potential Continuation Pennant”

  1. on 04 Mar 2009 at 8:48 am1Emmanuel Sonowo

    Please give me more details

  2. on 04 Mar 2009 at 1:06 pm2James Chen

    Hi Emmanuel,

    Thanks for your comment. What kind of details would you like?

    James Chen

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