The USDJPY has soared the last 2 hours but there is a saying – buy a creeper and sell a leaper. This certainly qualifies as a leaper. I continue to favor the downside, targeting 8690-8736 (8690 is the 100% extension of the decline from 9380). A decline to that level may complete an A-B-C decline from 9380. Price ideally remains below 8954. Exceeding that level would expose 8975-9038.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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