Today we found a special situation on the USDJPY chart
USDJPY is attacking this resistance zone three times during the NY session of the last three days.
Today this move starts during the London session which increases the probability of a breakout.
So, is this move confirmed by the individual strength of the underlying currencies?
The JPY is now close to the bottom and the USD is gaining strength.
Nonetheless the USD is still on
the weak side of the FX Power scale.
Check this YouTube tutorial to see how we create this special FX Power instance
And what's the situation considering the real trading volume?
The JPY is clearly going down but the USD stagnates which is the reason why this pair was unable to break this
resistance cluster yet.
A rising USD long ratio would clearly help to push USDJPY easily through this resistance. So watch out what
happens in the USD volume.
This is how this USDJPY chart looks completely
When this breakout on happens it will push all JPY pairs upwards.
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Daniel
