USDJPY completes the 1st (of 2) flag patterns.
The USDJPY broke down under pressure with yields falling and gold rallying, the natural path of least resistance for the pair was lower. But we must note that the flag pattern that started in April of this year will complete (arguably has completed) as we are near the 107.25 level. The other flag pattern which started at the end of May still points towards 106.50’s. Daily RSI is oversold so bears should start to be a little careful as well.
Blake Morrow
