Commentary on the USD/JPY

Forexmentor.com Forex Trading Price Action

“I've been watching the USD/JPY pair, and other Yen cross pairs for a while, looking for a top, and it looks like the USD/JPY has finally formed the long awaited 1-2-3 top. I'm normally very hesitant to ever go long on the Yen, since yield seems to be king in the FOREX market, but I've gone short on this one, and have already made some nice profits. MACD is going down, and price action has broken a long-term trendline. I really like the looks of this.” - says Chris Classen, one of our valued members at forexmentor.com, in relation to the daily chart for the pair.

I wholeheartedly agree with Chris. As a matter of fact, the most recent Tom DeMark trendline, at that chart level, has been broken, with price now well south of it. A Joe Cheung price projection sees price conceivably seeking out approximately 120 in the near term. A 1-2-3 top price projection says almost the same thing.

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