Fri Jan 14 2011 9:16 am EST (GMT -5)

Radar Signal

Currency Pair:USD/JPY
Direction: Long

Trader Comments : Forex Signals - The USD/JPY rallied sharply in the opening days of 2011 as seen on the 180- and 240-min charts. Over the last week the pair has retraced in a channel, forming a flag pattern. This is a continuation pattern, suggesting another push higher will follow the completion of the flag. The pair has already retraced to the 48.6% Fib Retracement. This could be a good swing trade when completed. Looking at the daily, we see great indecision so we will likely wait until there is a breakout of the flag before taking it. We will be posting an image or video of this analysis in the Members Area today.

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