FOREX Trading: Yen Crosses are Stretched
The long term USDJPY inverse head and shoulders breakout the week that ended 12/14 has led to immediate gains. The traditional measuring technique yields an objective of about 9362. Currently testing upward sloping channel resistance and the 100% extension of the rally from the record low (I’m interested to see how the week closes), this would be a good time for some consolidation. 8520 is of interest as support…ESPECIALLY if on a news spike (fiscal circus anyone?).
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com To contact Jamie e-mail firstname.lastname@example.org.
Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.