Flows and Orders/USD/JPY

USD/JPY: Risk might now be to downside in short-term

Dealers reported plentiful stops below 101.80 earlier this morning and now that AUD/JPY support has broken, we might see some downside pressure on USD/JPY ahead of Abe’s address later this evening.

  1. Hi Sean, what do you think of the possible H&S formation on EURUSD weekly? Admittedly it’s still incomplete with the neckline coming in around 1.2770. But if/when it breaks…

  2. Sorry Anil, I might be mistaken, but I was sure I read that he is speaking on Japanese economic growth, early evening Tokyo. Best check elsewhere also

  3. I’m a bit anal when it comes to major reversal patterns and I feel that they only are strong at major highs and lows (like the inverted H&S in GBP/NZD for instance). These EUR/USD levels are mid-range and as such I don’t see a major reversal either way. If anything, I see more potential for a basing pattern if 12750 broadly holds.

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