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Jamie's Pick: 09/17/12

Jamie's Pick: 09/17/12

Jamie Saettele, CMT, Sr. Technical Strategist

The USDJPY drop lower last week probably completed a terminal thrust from a triangle. It’s taken just 2 days for the USDJPY to return to the early September high (7903). The target is 8061 (top of triangle). Support is now 7865 and a bullish bias is warranted against last night’s low of 7816.

Several days of congestion are probably underway in the AUDUSD after the test of the August high washed out a crowded group of shorts. Initial support is 10487 but a test of 10400/26 (preferably on a reaction to news tonight) would present an opportunity to buy a dip against 10320 for upside continuation through month end.

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