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FOREX Trading: Shorting Yen Crosses Slightly Higher

FOREX Trading: Shorting Yen Crosses Slightly Higher

Jamie Saettele, CMT, Sr. Technical Strategist

The first attempt at shorting Yen crosses was unsuccessful with EUR/JPY and AUD/JPY stops hit yesterday (EUR/JPY was exited at 10103 and AUD/JPY at 8306). I expect to attempt shorts again this week. Details will be released as always via Twitter @JamieSaettele but in general...

The EUR/JPY has just traded through 10214 resistance (former support) and I’m on the lookout for a secondary top against the November 1 high. The 50%-61.8% retracements at 10245/96 are of interest as levels for this advance to exhaust.

The AUD/JPY has traded through the estimated 8328 resistance. Combining the AUD/USD and USD/JPY analysis though does suggest a top and reversal not far from the current level in the AUD/JPY.

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