USD/JPY flag pattern develops [Video]
|The USD/JPY pair dropped in the short term as the Yen Futures rallied and the DXY retreated a little. Surprisingly or not, the price dropped even if the Japanese data came in worse than expected and the US figures came in mixed in the last session. Fundamentally, the rate registered a strong sell-off after the FOMC Meeting Minutes.
Technically, the rate came back below the median line (ML) signaling a corrective phase. The price action developed a flag pattern which may represent a bullish formation. Taking out the downtrend line may announce a new upwards movement.
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