Saturday, June 23, 2007

very interesting picture here on Daily EURJPY - some points that I observe:

1. the bigger formation (blue lines) implies a Rising Wedge - which usually leads to reversal , at least in the book examples

2. the recent consolidation (within the red lines) has a breakout around 165.05/15 where Resistance immediately turned into Support..

3. most interesting though is the Orange line which comes from the Jan - Feb Highs - it is like a central line of rotation within the recent consolidation -- I think a Central Pivot would be more appropriate to name it..

>> so if the consolidation was within an approximate 400 pips range - then a breakout at 165 would target 169 figure in EURJPY..

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