Let’s take a look at the USD/JPY.
When looking at the daily chart – it shows we’re in a downtrend.
However, when looking at smaller time frames (for shorter term), it seems we are potentially in an upward retracement from the most recent downward movement.
For the next 24 hours, we may potentially see downward movement – once that completes, look for the currency pair to head back up to test the 90.00 level.
Good luck with trading and we hope everyone has a happy weekend. For those in Las Vegas, be sure to stop by Pro Pipper Trading/C2FX seminar on Saturday, November 20 at 8 am. Leonard Lewis and myself will be discussing trading strategies and we’ll show you our methodology and how you can incorporate that into your own trading.