USDJPY--Thursday Afternoon, February 26, 2009
The market seems to be growing out of this pattern first noticed last week:
There was minimal resistance overnight at the 4.236 fibonacci target area, but then it was off to the races again.
But the larger pattern which grew out of the first pattern seems to be still influencing price action.
At the moment we have some resistance at the minor fib level between the 2.618 and 4.236 targets. So far the action has been tepid and sideways, but after such a parabolic move, we could see some genuine two way action. Nevertheless, the pattern now posits a target slightly above 101.