Japanese Yen Broke Consolidation

MrTopStep.com

 

View photo

.
112620136JDMTS thumb Japanese Yen Broke Consolidation

11-26-2013 6J D MTS

Japanese Yen broke down triangular consolidation and approaching a line in the sand for opposing emerging harmonic patterns at level .009650.  A breach of this level will invalidate the green pattern and focus on completion of the brown pattern with ideal target at .009034 and scaling point .009379.

Remember a scaling point is also considered a potential rejection or bounce point.

A hold above .009650 keeps the green pattern in play but probability decreases until price can hold above initial resistance at .010030, but more so above .010266.  This scenario suggests the breakdown of that triangle was false and this is a prime example why being fluent in directional bias can save capital.

 

Rates

View Comments (0)