With compression underway beneath a cluster of resistance, we’re anticipating another burst of momentum for USD/JPY to begin its next directional move.
We’d warned that volatility was brewing within a larger formation and the explosive moves seen since have certainly have not disappointed. Just heading into the new year we noted an eerily similar pattern evolving which warned of a potential top and 700 pip decline. As can be seen in today’s video, its downfall was epic with no less than an 13% Decline since (5% of which was a volatile shakeout at the lows with last week’s flash crash). With FOMC minutes and ongoing trade talks, we’re hoping for volatility to return once more and a cluster of resistance could provide an opportunity for bulls or bears depending on which way it breaks.
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