Tuesday, February 24, 2009

Yen's move out of the apparent triangle getting closer to potential support

The yen has continued its move down, from the pivot at the long-range Fibonacci level of 111.49 and out of the apparent triangle (which it decisively confirmed by poking under the 105.70 level yesterday). Now it's moving closer to a Fibonacci objective at 102.26, which also will bring it close to the 200 day moving average, and within the area of prior consolidation as indicated on the daily chart. It also sets up the possibility of a diagonal wedge, IF it turns up again from support and moves to new highs. Much under 99, though, would undermine diagonal wedge idea. Meantime, it looks like it needs to continue down a bit to test 102.26. Here are the charts:


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