Is USDJPY going to repeat that same price action?

We can see from USDJPY chart that price action so far this year is a rerun of high-consolidate-breakout-throwback sequence that played between late 2013 to Q3-2014. That previous 52-week high is going to play an important role.

 

For USDJPY its all part of the plan

  1. USDJPY touched a high of 105.43 in December 2013.
  2. It went into consolidation mode that lasted for months.
  3. 2013 high was broken in September.
  4. Rally was terminated by the high of a parallel channel drawn from price lows.
  5. Price promptly did a throwback to find support back at 105.
  6. Fast forward we see the price action repeat as USDJPY sets trading high in December 2014 at 121.85.
  7. Multi-month consolidation mode.
  8. Breakout.
  9. Find high at top of channel.
  10. __________________________ (Fill in the blanks).
USDJPY weekly chart

USDJPY weekly chart – proof that history repeats

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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005. Soh Tiong Hum is a member and regular speaker at Technical Analysts Society Singapore events and has a bi-monthly lunch time event at IG Singapore on forex and stock markets. He is an avid blogger on technical analysis topics; his Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX. Come find Tiong Hum on Google+
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  1. By Benson Ang

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