Recognizing patterns means profits will flow. The CurrencyShares Japanese Yen Trust FXY is trading at $104.99, +0.14 (0.13%). This ETF that tracks the Yen hit its target on the head and shoulder pattern just days ago and has stabilized. Calculating the exact price targets of patterns is easy, if you know how to do it. Please note the chart below which shows the beauty of a pattern, its triggering and the completion. One of the best examples in the charts in recent history.
Once a pattern hits its target, you expect a reversal. Based on the FXY hitting its downside target, a bounce should come into play shortly. Enjoy.
Gareth Soloway
InTheMoneyStocks
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