Daily Chart Art – September 1, 2010

EURJPY: 4-hour

PoD Chart

Shazam! Take a look at the awesome setup on EURJPY! The pair now faces a crucial decision after falling hard the past couple of days. Will it turn around and possibly create a double bottom chart pattern? If it decides to head back up the charts, it will probably test the neckline at 109.00. But if it chooses to continue moving down, it will be making lows not seen since 2001! So what’s it gonna be, EURJPY?!

EURGBP: 4-hour

PoD Chart

Whatup EURGBP! It seems to me that EURGBP has just broken out of an inverse head and shoulders pattern… or is it a symmetrical triangle? In any case, a break out is a breakout! The only question is, will this playa keep rising to the top? The pair appears to have found resistance at a former high at .8280. Look for a candle close above this area as a sign that the pair could be headed for newer highs.

USDJPY: 4-hour

PoD Chart

USDJPY, is it time to head north? Stochastics seems to be favoring an upturn by the way it has been indicating overselling. Something tells me buyers may be targeting the area of 85.00 if they can manage to push the pair up. Then again, USDJPY has been in a pretty solid descending triangle for the past couple of weeks, so I’d keep my eye on the 84.00 handle if I were you. If the pair manages to break past this, who knows how low the pair will go!