Daily Chart Art – November 17, 2009

USDJPY: 4-Hour

PoD Chart

Ahoy there! Let’s begin today by taking a look at USDJPY 4-hour chart. As you can see above, the pair recently broke down from a descending triangle formation. The triangle’s support could now act as a resistance that could further put some selling pressure on the pair. Presently, it now has a downside target at the previous low around the psychological 88.00 handle.

GBPJPY: Daily

PoD Chart

Next is the GBPJPY on its daily chart. After breaking down from a double top formation, the guppy now is finding itself back on the top of the neckline. The pair rallied back to its 50% Fibonacci retracement level after falling down to 140.00. Currently, the pair is forming a nice little symmetrical triangle. If it breaks down, the pair could seek support at the double top’s neckline or even lower at the previous swing low around 140.00. On the other hand, the pair could rise back up to the previous high at 153.25 if the symmetrical triangle breaks to the upside.

AUDJPY: 1-hour

PoD Chart

Moving on to the AUDJPY 1-hour chart… The pair seems to be consolidating lately, seeing how it has been moving sideways for almost a week now. A descending trend line can be drawn connecting the recent highs of a pair, with the 83.30 handle serving as minor support. Hmm, it looks like a quasi-descending triangle if you ask me! The stochastics are still crawling towards the oversold area, implying that sellers are still on a roll. If the pair breaks to the downside, it could have a tough time penetrating below the support level near the psychological 83.00 mark. But if it breaks above the top of the triangle, it could encounter some resistance around the previous high of 83.82.