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$/yen, downleg (spike?) into early next week?

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    $/yen near term outlook: The market did indeed finally resolve lower from that long discussed triangle/pennant that had been forming since late Aug, reaching a low at 118.05 last week and before bouncing back. It's not uncommon for markets to retest these key, broken levels before resuming the larger trend (down in this case), and continues to target declines below that Aug 24th spike low at 116.45. Note too that technicals remain negative (see sell mode) and there is scope for another downleg

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