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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

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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One thought on “Is USDJPY going to repeat that same price action?”

  1. Benson Ang says:

    “Price prompt did a throwback to find support back at ~ 2YH region

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