CURRENCY CENTRAL (fka )

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Actually, Su, if you look at the 30 min charts of usd/jpy and use a little phantasy you see that this week built an inverted head and shoulder, which in itself is the handle of a cup in the 8 hr chart. It's neckline is 0587, which was tested today and which should run around 0590-0595 on Monday. This neckline in usd/jpy was exactly hit today when usd/cad led the way.

So if I am right on this (and I could be totally wrong) one of the next times usd/cad rallies, this usd/jpy neckline should give in. And if there is follow through, we should see a nice usd rally across the board.

I watch out for that next week or the week after. Monday and Tuesday could be nice opportunities for usd dip buying. In usd/jpy that would be 0536-0550.

What'ya think?

If anybody finds other chart formations somewhere, bring them on!

Disclaimer: Just my opinion. Trade on your own.