USDJPY—dull and duller

This pair is acting as nervous as a long-tailed cat in a room full of rocking chairs and it makes for some very dull market action. If that is an inverted head and shoulders pattern forming on the weekly and daily charts, the pair is in no rush to complete it. This could be an Elliott Wave flat correction, taking its time to develop. With the bullish divergence and the potential H&S, I could make a case for going long but I’m still short from 90.95 with a profit stop just above breakeven. There’s still strong resistance overhead.

Here’s the daily chart:



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