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James Chen, CTA, CMT, is the Chief Technical Strategist at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). At FX Solutions, Mr. Chen writes daily currency .....
USD JPY (a daily chart of which is shown) has just recently double-tested the long-term lows around 87.00 in late January. Confirmation of an actual double-bottom formation, however, would not occur unless price actually broke out above the pattern peak at 94.62. Currently in a horizontal consolidation phase, price action should soon break out of this consolidation as we move into February. Any strong breakout above the key 91.00 support/resistance region should target further resistance at the noted double-bottom peak around 94.60. As mentioned, a subsequent breakout above that level would confirm a potential double-bottom reversal in the pair. To the downside, the 87.00 region remains as exceptionally strong support, as it represents a whopping 13-year low in the pair. Therefore, any substantial breakdown of that level could carry enough bearish momentum to target even further extreme support, potentially even as far down as the 80.00 region.
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