Friday, August 3, 2007

USDJPY - Weekly Support trend line..
What I wonder is how to qualify the three recent Hihgs in Oct'06 -- Jan'07 -- June'07:
=> Diagonal Triple top formation or
=> H&S Pattern (However a bit unorthodox sample - since shoulders are the same size as the head) -- this actually is more like of a oscillating within the Uptrending Channel..
I think that this Support line is key to the next phase of Carry trades and the Stock markets since once the Yen strenghtens to 115 it will be an alarm (it held in Dec'06 & March'07).
::> The real test however is the 112.70 (200 day MA).

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