USD/JPY – Monitoring a Flag Pattern Formation

Posted by on Nov 29, 2012

USD/JPY 4H Chart 11/29/2012 8:50AM EST Flag pattern, momentum: The USD/JPY has been in correction mode since finding resistance at 82.83 . The 4H chart shows the US dollar-Japanese yen pair trading in a flag pattern. Momentum in the 4H chart is maintaining the bullish bias, as the RSI held above 40. A push above 60 can reflect bullish continuation momentum. In the previous update, I suspected a consolidation period similar to previous ones that were 3 to 4 weeks. So far we had 4 sessions of
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