Thursday, May 19, 2011

USDJPY showing some signs of weakness as it nears top of hrly Channel

On the hourly, this "mid trend wave count" appears to be conforming IE showing weakness as price nears the top of the marked channel on the hourly.

"Mid trend" as there was no buy signal at the start of this wave count, IE no divergence on the MACD mavs that hinted at the rise

Note the stochastics on this timespan are showing divergence whilst up in Oversold region...



15 minutes is looking a little bit better for the MACD MAV v Wave count combo:

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