This pair is balancing the top of a distribution curve that dates back to June. 2970 is the top and expected target at this point. Notice that the current month distribution looks fairly balanced. We have tested the top. If buyers do not carry us up from here, we will likely revert to the testing the middle to bottom of the curve and could go South to look for buyers. The Magenta colored line at the top (2932) is strong resistance. You can see that it stopped the assault today. If we build value here and move up, it is a strong signal. Otherwise, look for moves down as indicated on the curve. Some may think this is unrelated, but I do not. The USDJPY has a very strong chance of breaking out of its current balanced distribution. If it heads up, then it is going to move strongly. DRT
Without some kind of divergence signal or similar short sinal on the daily or perhaps the hourly, I would most likely not get short until the reaction low of 8/14/06 is taken out. The daily chart does have a good bit of momentum, it's just the "storming ahead" that I question.
Simple and Interseting - The Flip Side Gartley 222 - Wasn't this a Gartley or something? A flutterbuy.
Wonder if this will go down to test the 50% line or push back up through the 38%? Hope you all don't mind all these charts. I am just passing time. ---bull