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USD/JPY (4-hour
chart) as of Monday (6/27/2011) has broken out of a symmetrical
triangle consolidation pattern extending back to the end-of-May high,
which resides within a larger consolidation that has been in place for
the last two months. The current triangle consolidation breakout has
not been particularly strong, but it represents a bullish indication
that hints of further bullishness potentially to come. In the event of
a strong subsequent breakout above resistance around the 81.00 price
region, followed by a breakout above the next downtrend resistance line
to the upside (which represents the top of the larger consolidation),
the key upside resistance target resides around the 83.00 price region. |
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