USD/JPY Quick Look (12-03-2008)

*Attached chart. Click on it for the enlarged version.

Hi everyone,

A quick look on the USD/JPY. Attached chart is the monthly chart which I can see that it is in a very big closing wedge. Market is having a huge squeeze in.

Currently, market has so far reached the bottom wedge support again which is roughly around 101.70 and bounce. Now it is around 103.00. If market is strong enough to break the bottom support and looking forward to go down, this is will be an oppotunity to see history repeating itself and JPY shall strengthen again. In trading, anything can happen.

Otherwise, market will just be bouncing up to continue its is mega congestion in the closing wedge. Let's see how it goes, since I am doing a quick look based on monthly chart, it will definitely take quite sometime to materialised :P In between for trading sense, we can definitely see some trend movements from weekly down to daily and hourly charts.

Peace and trade safely everyone...