Saturday, January 9, 2010

USD/JPY: Wedge Rising Will Stop Bullish Momentum?


(Click on the 3-Hour chart to enlarge it)

I reckon that the attached 3-hour chart comprises too many days so it´s hard to see the candles. But my goal here is to show how relevant the current Wedge Rising formation is.
The Dark Cloud Cover formation at Dailies on last Black Friday and the prices closing below the resistance 93.15 apparently confirm that a top at this level 93.15 might have been formed.
My strategy is to SELL SHORT at the break of the lower trendline of this Wedge Rising. I will add lots at any pullback to it.