USD/YEN UPDATE – 08/05/2017 (12:31pm) – by Arjun Lakhanpal

USD/YEN UPDATE – 08/05/2017 (12:31pm) – Price tested through daily downtrend with an overnight print at 113.13 marking a marginal higher high but this was quickly revered and no daily close as yet thru the downtrend. A break of the neckline at 112.09 triggers the pattern and targets 111.15 which happens to be at the 38.2% fib retracement of 108.13 to 113.13 at 111.22 this makes this pattern very interesting. A break above 113.13 opens up 113.49 and a bigger picture fib at 114.59.