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FOREX Technical Analysis: USD/JPY New Objectives are 9159 and 9242

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY New Objectives are 9159 and 9242

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: I wrote yesterday that “the current level is defined by the 1/4 high (8840), 1/16 low (8778), a multitude of trendlines, and the 20 day average. Daily RSI is nearing its own support zone of 50-60 and the lowest level since 12/04. The rally since mid-November probably needs to correct more than it has but it’s also unlikely that this well-defended level gives was to bears on the first attempt.” Not only did the level hold, but the USDJPY is at fresh highs! The width (in price) of the latest dip can be used to determine new objectives, which are now 9159 and 9242.

FOREXTrading Strategy: Objectives laid out yesterday were hit easily (8916 and 8963). New objectives are 9159 and 9242 and support (for those looking to buy dips) is 8950/85.

LEVELS: 8861 8903 8945 9024 9159 9042

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24 January 2013 22:01 GMT