A double bottom formation appears to be setting up a buying opportunity for the March Japanese yen. The market traded below the prior swing low and dipped to 1.1186 before reversing and trading higher. The market was not able to find new sellers below the previous swing pattern and traded back into the consolidation. This price action could be setting up a swing pattern failure that portends a new upward price swing. A trade above 1.995 would trigger the new buy signal and set up a test of the 1.2159 swing high.
