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FOREX Trading: Jamie's Friday Trade

FOREX Trading: Jamie's Friday Trade

Jamie Saettele, CMT, Sr. Technical Strategist

After a nasty Asian fake out rally in risk, S&Ps are going to open gap down (at this point futures are down 7.25). Yen and USD crosses are at/nearing levels that may produce a decent intraday bounce in early US trade.

-EURUSD-is at the top of estimated 12650/90 support. 12690 is the late June pivot high. 12650 is the JS Thrust day close from that same day (12653 to be exact on 6/29). 12651 is the 9/6 high. Initial resistance for Friday is 12730.

-USDJPY-has traded into and responded extremely well to the area just below the former 4th wave (7927). As long as price holds 7892, respect bullish potential. Initial resistance is 7940.

-EURJPY-is testing the 38.2% retracement of the rally from the July low. 10015/19 is also potential support. Initial Friday resistance is 10100.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.