USD/JPY Freefall Bottoms Out
November 30th, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
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The USD/JPY pair has experienced much bearishness in the last few days as it currently trades at 86.30. The current bearish trend is expected to come to an end anytime soon, and a bullish correction may be in the making. I will illustrate below that the USD/JPY may very well be heading for a reversal. Traders are strongly advised to take advantage of the trend at an early stage.
• The chart below is the USD/JPY daily chart by ForexYard.
• The indicators used are the Slow Stochastic and RSI.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The RSI is testing the lower border at the 0 mark, which may signal an upward movement is going to occur in the near future.
USD/JPY Daily Chart
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Tags: dolalr. USD/JPY, dollar today, Forex, forex blog, Japanese Yen, JPY, RSI, Slow Stochastic, Technical Analysis, USD, yen
