This is where it starts to get really interesting. The Yen is approaching a major resistance level for the 4th to 5th time depending on how you look at a graph. The graph itself is beginning to form a classic Ascending Triangle Formation. If you believe in technical patterns watch out for it. Should this pattern fulfill itself, then, we can expect a smaller and smaller trading range from Yen and anticipate a smaller and smaller trading range from the S&P 500, as well.
The interesting part is if and when the Yen breaks or completes the technical pattern. If the Yen completes the technical pattern, then, we expect Yen to rise towards the $0.009975-$0.010006, level and the S&P 500 to head towards the 1914, range; if Yen breaks the technical pattern and falls and closes below immediate support, then we can expect the S&P 500 to continue towards and beyond the 2000, level.
The interesting part is if and when the Yen breaks or completes the technical pattern. If the Yen completes the technical pattern, then, we expect Yen to rise towards the $0.009975-$0.010006, level and the S&P 500 to head towards the 1914, range; if Yen breaks the technical pattern and falls and closes below immediate support, then we can expect the S&P 500 to continue towards and beyond the 2000, level.
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