Follow the uptrend on the 30 min USD/JPY

There is a larger triangle pattern that is forming on the daily USD/JPY but in the meanwhile a lower risk, shorter term entry as we go into the weekend and the G7 meeting is a swing set on the 30 minute chart.

jpy 30 grab 2-13-2009 11-21-30 AM.png

The GRaB overlay (available here) is plotting the upward angle of the 30 minute chart and the green candles are there as a visual cue of the fact that price is on the strong side of the Wave and has been for some time.

The intraday uptrend continues to show that there are two forces at work here and while both are in their early stages it can be said that going into the weekend that 1) risk aversion is less and 2) the dollar’s safe haven play is perhaps unwinding.