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FOREX Trading: Yen Crosses Holding Up but Remain Below Peaks

By , Sr. Technical Strategist
29 November 2012 15:20 GMT

Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

A EURJPY short was taken last night at 10640 (released via Twitter @JamieSaettele). 10642 is the 61.8% of the decline from 10712 at 10640. Price has extended slightly beyond this level but the stop is above the 11/26 high. Once (if) the market turns lower again, objectives are 10458 and 10375 (former is former resistance and 38.2% of rally from 10031 and latter is middle of former congestion and 50% level).

The USDJPY is little changed from yesterday. Near term structure has evolved to the point that the rally into 8221 may compose wave B within the A-B-C corrective decline from 8283. I remain of the mind that the 4th wave of one less degree at 8088-8158 will produce the next low. 8113/16, which the 4th wave terminus (triangle) and 11/15 JS Thrust close, is of specific interest.

The AUDJPY is the weakest of the Yen crosses today, although losses are minimal. Risk remains to the downside in the near term as long as the Sunday night high is in place. Levels of interest as eventual support are 8485 and 8414.

EURJPY – 240 Minute

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_EURJPY.png, FOREX Trading: Yen Crosses Holding Up but Remain Below Peaks

Prepared by Jamie Saettele, CMT

USDJPY – 240 Minute

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_usdjpy.png, FOREX Trading: Yen Crosses Holding Up but Remain Below Peaks

Prepared by Jamie Saettele, CMT

AUDJPY – Daily

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_audjpy.png, FOREX Trading: Yen Crosses Holding Up but Remain Below Peaks

Prepared by Jamie Saettele, CMT

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

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Jamie is the author of Sentiment in the Forex Market.

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29 November 2012 15:20 GMT