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FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

By , Sr. Technical Strategist
04 February 2013 14:10 GMT

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

As the second month of 2013 enters its second trading day, view near term moves within the context of longer term trends. My early week trading focus is on USDJPY, EURUSD, EURAUD, EURCHF, and AUDNZD

The USDJPY has reached an objective (9279) from its inverse head and shoulders. I’m on the lookout for near term topping patterns so that I can trade from the short side.

The EURUSD is well off of Friday’s best levels and nearing potential support from the 1/31 low at 13541. This is the first level to look for longs, if even for just a partial retracement of the drop from Friday’s high (in the event of a multiday dip). The longer term target from the yearlong inverse head and shoulders is 14301.

The EURAUD is also well off of Friday’s high and has met support from the 1/31 low at 12989. This is the first level to look for longs, if even for just a partial retracement of the drop from Friday’s high (in the event of a multiday dip). The longer term target from the yearlong inverse head and shoulders is 14041.

The EURCHF may be searching for an important low with support defined by the 1/23 low and 20 day average.

The AUDNZD has confirmed a multiyear head and shoulders top. The objective is 10841 and I’m bearish against 12551.

USDJPY – Weekly

FOREX_Trading_USDJPY_Reaches_Target_as_Euro_Crosses_Near_Support_body_usdjpy.png, FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

Prepared by Jamie Saettele, CMT

EURUSD – Weekly

FOREX_Trading_USDJPY_Reaches_Target_as_Euro_Crosses_Near_Support_body_eurusd.png, FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

Prepared by Jamie Saettele, CMT

EURAUD –Weekly

FOREX_Trading_USDJPY_Reaches_Target_as_Euro_Crosses_Near_Support_body_euraud.png, FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

Prepared by Jamie Saettele, CMT

EURCHF –Daily

FOREX_Trading_USDJPY_Reaches_Target_as_Euro_Crosses_Near_Support_body_eurchf.png, FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

Prepared by Jamie Saettele, CMT

AUDNZD –Weekly

FOREX_Trading_USDJPY_Reaches_Target_as_Euro_Crosses_Near_Support_body_audnzd.png, FOREX Trading: USD/JPY Reaches Target as Euro Crosses Near Support

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 for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the ForexMarket.

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04 February 2013 14:10 GMT