USDJPY Support Expected Under 8200

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

EURUSD –Resistance early in the week is 13145/65 and 13210 although the latter is unlikely to be reached if the early week trend proves bearish. Downside levels of interest are the 2/16 low at 12974, 100% extension of the 13485-13103 decline at 12900, and 1/13 high at 12878. A break of the downward sloping channel would indicate that the decline from 13485 is probably impulsive and shift focus to the January low.

Prepared by Jamie Saettele, CMT

GBPUSD –The GBPUSD is already testing its downward sloping channel and a break below would indicate that the decline from 15991 is probably impulsive and headed towards the January low. Near term downside levels of interest are the 100% extension of the 15991-15696 decline at 15537 and 1/10 high at 15500.

Prepared by Jamie Saettele, CMT

AUDUSD – “Late February / early March action in the AUDUSD is strikingly similar to early February action. Both drops consist of 3 waves and were followed by sharp rallies off of the lows. The current swings are one degree larger. Currently in ‘no man’s land’, resistance is 10690-10715 and support is 10590. The suggestion from the comparison is that price is vulnerable to violent swings in both directions, perhaps even a test of the recent low (and maybe the sought after 10450).” The AUDUSD has dipped to a new low. Watch 10430/50 for support. Exceeding 10575 would suggest that a low is in place.

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD has failed to test last week’s low, triggering a divergence with the AUDUSD (which is common at turns). In any case, 8080 remains a level to keep an eye on for support if reached.

Prepared by Jamie Saettele, CMT

USDJPY –The next objective is 8550 and support this week is 8160/90. Stay bullish as long as price is above 8055. See Friday’s weekly for additional commentary.

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.