Friday, February 20, 2009

Double Bottom

USDJPY, Daily, 26 Nov 2008 - 8 Feb 2009

Double bottoms are a repeated test of a support after a long downtrend. We've all seen how the USD was ravaged against the Japanese Yen at the end of 2008. The double bottom formation has formed cleanly, price now looks to break resistance as marked. If it does, this is a home run.

Go right on ahead.

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