Yen fights back

Good Morning Dynamic Traders,

Another glorious start to the day! Always puts me in a good positive frame of mind, which is needed when trading.

We saw price on Friday drop after it made an attack at the Value Index, which I described on my update yesterday. However yesterday’s price action saw the Yen toughen up and shoot up to make another attack on the Value Index, which I have marked the 4 hour chart below. You will see that price has dropped a small amount, but we currently have a bullish candle stick, does this mean that price is getting ready to make another attack on the Value Index? Quite possibly, but.......














.....let’s have a look at the evidence for price going the other way.
If you have a look at the day chart below, you will see that we have a head ‘n’ shoulder formation, which normally means that we should expect price to reverse.















What do you think? And what will price do today?

Happy Trading

Richard Monnery