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Forex Trading: Flat for Now but Stalking USD/JPY

Forex Trading: Flat for Now but Stalking USD/JPY

Jamie Saettele, CMT, Sr. Technical Strategist

I have no positions right now. After a great December, I’ve been out of tune with markets early in 2013. In order to get back in tune, I need a clear mind (no positions). I’m watching…

The USDJPY inside day breakdown triggered yesterday but Tuesday’s decline has already been completely retraced. I’m looking for resistance from 8795-8815. A response in there would present an opportunity to short against the high (8840).

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

To contact Jamie e-mail jsaettele@dailyfx.com.

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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.

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