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USD/JPY Trying to Form Short Term Bullish Base?

By , Sr. Technical Strategist
21 August 2013 22:35 GMT

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trying to Form Short Term Bullish Base?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change – “The USDJPY appears to have completed 5 waves up from last week’s low with Thursday morning’s spike higher on news. The implications from an impulsive rally are for price to find a higher low (above 95.80) before the next bull leg exceeds 98.64. 96.70/90 is near term estimated support and held on Tuesday. Exceeding 98.64 opens up the NFP hourly close at 99.20, which is also the close of the high week for July. I’d expect that level to prove difficult to overcome and a strong reaction at that level would warrant bearish consideration against the August 2 high. Big picture supports are 95.35 and the 200 day average / June low.”

FOREXTrading Strategy: Near term picture is constructive. It’s a good sign that price has held up despite a deteriorating Nikkei, which is on a support line. Still not sold that ‘the chop’ is over in this market though.

LEVELS: 95.80 96.70 97.55 98.12 98.52 99.20

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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21 August 2013 22:35 GMT