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After several months of moving sideways within large ranges of 300-1000 pips, some of the Japanese Yen crosses might be about to finally breakout from these prisons of consolidation.
For the GBP JPY, the Daily Chart below shows the extremely large Consolidation Pennant that represents a large amount of uncertainty regarding economic and monetary policy in Japan. After reaching a peak of 172,49 on February 1st this year, we have seen the pair drop by 1000 pips followed by smaller waves of uptrends and downtrends that led to the large Pennant that we see today.
DAILY CHART
The almost identical setup is on the EUR JPY Daily Chart as well. This pair reached its own high a few weeks earlier than the GBP JPY on December 27, 2013 before starting its 1000-Pip decline.
DAILY CHART- EURO JPY
There is an obvious narrowing of the waves within these Pennants taking place between Support and Resistance. Since this is usually a precursor to the start of a breakout within a very short time, there is strong chance that it will take place in the coming week.
Also moving within consolidation but in a different pattern is the USD JPY. The Daily Chart shows a smaller Pennant setup of approximately 300 Pips in length between Support and Resistance.
DAILY CHART- USD JPY
This one has actually started a tentative bounce at support to continue the oscillations inside the Pennant. However, the current bullish signals seen here look a little weak and could give way to a pullback before another, stronger bull signal appears. If so, then a small gain of 100 pips is possible if it makes its way back up to Resistance once again.
Lets see what happens.
For the GBP JPY, the Daily Chart below shows the extremely large Consolidation Pennant that represents a large amount of uncertainty regarding economic and monetary policy in Japan. After reaching a peak of 172,49 on February 1st this year, we have seen the pair drop by 1000 pips followed by smaller waves of uptrends and downtrends that led to the large Pennant that we see today.
DAILY CHART
The almost identical setup is on the EUR JPY Daily Chart as well. This pair reached its own high a few weeks earlier than the GBP JPY on December 27, 2013 before starting its 1000-Pip decline.
DAILY CHART- EURO JPY
There is an obvious narrowing of the waves within these Pennants taking place between Support and Resistance. Since this is usually a precursor to the start of a breakout within a very short time, there is strong chance that it will take place in the coming week.
Also moving within consolidation but in a different pattern is the USD JPY. The Daily Chart shows a smaller Pennant setup of approximately 300 Pips in length between Support and Resistance.
DAILY CHART- USD JPY
This one has actually started a tentative bounce at support to continue the oscillations inside the Pennant. However, the current bullish signals seen here look a little weak and could give way to a pullback before another, stronger bull signal appears. If so, then a small gain of 100 pips is possible if it makes its way back up to Resistance once again.
Lets see what happens.