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12 Jul 2013
USD/JPY slows towards end of pennant formation
USD/JPY looks to be close to forming a pennant formation in the hourly chart, with price slowing around support at 99.00.
USD/JPY to break to the downside?
The pair has had a sluggish start to the days trading, and in the absence of any real fundamental movers during the European morning, eyes will be firmly on technical developments as a pennant breakout looks increasingly likely. Babypips analysts comment, “Since the chart pattern was formed after a sharp drop, odds favor a downside breakout.” Ahead we have The Michigan Sentiment Index at 13:55 GMT, but otherwise, the calendar is light on significant events. Looking to hourly oscillators, we can see that RSI is flat at 46, while Stochastics are at 58 and moving with a slight upside bias.
USD/JPY to break to the downside?
The pair has had a sluggish start to the days trading, and in the absence of any real fundamental movers during the European morning, eyes will be firmly on technical developments as a pennant breakout looks increasingly likely. Babypips analysts comment, “Since the chart pattern was formed after a sharp drop, odds favor a downside breakout.” Ahead we have The Michigan Sentiment Index at 13:55 GMT, but otherwise, the calendar is light on significant events. Looking to hourly oscillators, we can see that RSI is flat at 46, while Stochastics are at 58 and moving with a slight upside bias.