Wednesday, June 24, 2009

USD/JPY daily chart

chart includes .755 retracements and speedlines, and 151 day moving average. if the rate can hold above the ascending speedline and the 151 dma the next couple days then the proceeding rally couple be substantial. if not then the rate could drop to 91 or 90. I prefer the up scenario, but traders may just want follow the direction of a breakout beyond the triangle formed by the two speedlines.

update: same chart but more time covered:

notice how the descending speedline backs up to the high of last August.