Today's FC Chart

USDJPY day of week pattern

John J HardyJohn J Hardy , Head of FX Strategy, Saxo Bank
Filed in Today's FX Chart
Slovenia, 01 February 2013 at 09:22 GMT+0
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Not much science here, just an observation that the Monday-Tuesday time frame has been the one in which USDJPY has consolidated in all but one of the last four weeks - and even in the exception's case, Monday saw marginal new highs before a brutal sell-off on Tuesday/Wednesday. That means virtually the entire rally this year has been built on Wednesday through Friday price action - even from local low levels. These patterns rarely persist for long and one wonders if this one has gotten too easy. Today's US employment report tells us whether USDJPY ends the week with yet another flourish higher or whether we finally see a sharp consolidation to end the week.

Chart: USDJPY

Last four Mon-Tue candlesticks circled.

usdjpy

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Disclaimer

Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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