Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

USD/JPY Dip Sought for Re-Entry on Longs

By , Sr. Technical Strategist
09 December 2013 20:49 GMT

Hourly

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Dip Sought for Re-Entry on Longs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The USDJPY decline from 103.37 is corrective and most of the drop has already been retraced.

-One of my favorite ‘trend extension’ setups is the construction of a 3 point triangle (contracting boundaries but with just 3 legs). A drop from before the high that finds support before 101.61 could satisfy requirements.

-A bullish objective of 105.12 is derived by calculating the measured move from the 103.37-101.61 dip. A close from Oct 2008 remains uncovered at 105.30.

Trading Strategy: Looking to re-enter longs (trailed out at 102.20 last week). 102.45/70 is estimated support.

LEVELS: 101.81 102.43 102.70 | 103.37 103.73 105.12

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

09 December 2013 20:49 GMT