2005 October - Forex Trading Alert

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Archive for 2005/10

USD JPY running to resistance

Tuesday 04th of October 2005 09:23:28 AM

The US dollar / Japanese Yen forex currency pair now appears ready for a run to 119.00 right at long term resistance. The USD/JPY chart is appealing because of a clear double bottom formation with 4 years between bottoms, giving the double bottom more significance.

The price close as of this writing of 114.36 confirms that the double bottom is valid.

The US dollar index appears to be in an elliot wave 5 up which provides the necessary hint for further strength in USD/JPY.

The long red down trendline since late 1997 looks like a very strong magnet to me and my forecast is that we will see 119.00, probably before the end of this year.

This is a High Confidence Forecast!

The macd histogram chart confirms my bullish conclusions. RSI seems ready to breakout from mid range level and above previous RSI resistance levels going all the way back to 1995.

That red down trendline is a magnet!

Look for a big move in the USD/JPY soon.

This is a high confidence forecast, almost a converse to my NZD/USD bearish forecast several months ago.

The most striking thing about this chart is the beautiful confirmed double bottom! It is not too often that you see a double bottom with such a large time factor between bottoms! A very powerful signal to say the least!

The writing is on the wall! Bullish the USD/JPY !

Thomas

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