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FOREX Technical Analysis: USDJPY Holding Short Term Channel

By , Sr. Technical Strategist
08 November 2012 01:05 GMT

60 Minute Bars

FOREX_Technical_Analysis_USDJPY_Holding_Short_Term_Channel__body_usdjpy.png, FOREX Technical Analysis: USDJPY Holding Short Term Channel

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: “The USDJPY tagged the June high on Friday and weakness since then has unfolded in an impulsive fashion. It is possible that weakness will compose a corrective 4th wave.”

FOREXTrading Strategy Implications: As long as price is below Friday’s high, the risk is lower towards 7927 although one should respect potential for choppy sideways trading as long as price is within the short term channel. 8015 is near term resistance.

LEVELS: 7887 7927 7963 8015 8045 8067

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08 November 2012 01:05 GMT