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The Forex Pattern Price Time Report - USD JPY - Morning Session
By: James Hyerczyk - 20-08-2008
0votesOvernight the USD JPY showed no signs of weakening as the market found support on an uptrending Gann angle at 109.61.
Regaining the major 50% price at 109.94 is another sign of strength. Continue to use this price as a pivot as this price controls the short-term direction of the market.
Another sign of strength is regaining the steep uptrending Gann angle at 110.27.
The first sign that this overnight rally is only a test of the top will be a failure at 110.27, followed by 109.94.
Finally, a trade through 108.36 turns the main trend down.
PATTERN
Main Trend: Up
Main Trend Top: 114.66 (12-27-07)
Main Trend Bottom: 108.36 (08-13-08)
PRICE
114.66 Main Trend Top (12-27-07)
113.29 .618 Retracement
111.92 2008 High
110.27 Overnight High
110.01 Gann Angle Up
109.94 50% Retracement
109.71 New York Close
109.61 Gann Angle Up/Overnight Low
108.36 Main Trend Bottom (08-13-08)
107.21 50% Retracement
106.39 .618 Retracement
TIME
Aug 17 1-Year Anniversary
Aug 22 90-Day Cycle
Attached Images
Next Analysis: The Forex Pattern Price Time Report- NZD USD - Morning SessionContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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