The Japanese Yen.

Good afternoon Dynamic Traders,

Firstly I would like to wish John a speedy recovery from his recent illness and wish him all the best.

Todays chart is of the JPY which could possibly have further downside as it is showing a 'kind of' bearish flag pattern and is also in a short term down trend, but is in proximity to a figure.

Get Stochastics is also sporting a confluence with this possibility as it has a false bar to the downside indicative of the consolidation possibly breaking.

Please be aware of the resistance from the recent swing low which could give rise to a false break-out.

Also MACD is not much use here due to the channel trading of late as shown on the chart.

As always please ensure to do your own analysis before entering any trades.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.