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The Dow appears to be more ‘resisted’ than supported. A bullish situations hangs on the a few potential ‘ideas’ for support as well as the 200-day ema.

DJI faces many resistances; bearish reversal

GBPUSD prints likely continuation for short. This is despite it near to more resistance of March 2010 and mid-July 2010. This level might be a potential support.

GBPUSD display continuation for short

EURJPY prints a descending triangle or bearish pennant depending on how one looks at it. I see the shape of a shoe. Anyhow, the lower highs hint of a continuation move.

Descending triangle for EURJPY

So despite a bullish close in Week 32 for USDJPY, this week is just so negative. What’s worse, it just gets resisted lower and lower. 84.70 could be threatened.

Week 33 for USDJPY bearish despite good close in Week 32

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Caution dictates that a trader should stand aside when he encounters a symmetrical price pattern. The saying goes that price could emerge or breakout on either direction. In the case of USDJPY however, you might consider that the USDJPY is poised for a downward move considering that it has a host of resistance levels on top.

USDJPY zigzags in triangular chart pattern

USDJPY weekly chart shows resistance, pullback

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The USDJPY is likely doing a pullback for a renewed fall. Pull back levels are therefore attractive for consideration to go short. This makes any upward move in the following days opportunity to discover resistance levels.

Weekly USDJPY chart suggestion near to sideway consolidation

4H chart favors continuation move due to prior momentum

Pullbacks will test resistance; shades indicate potential confluence

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