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Forex Trading; USD/JPY Drops into Support Line

Forex Trading; USD/JPY Drops into Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

The USDJPY has dropped into a support line that extends off of the 1/9 and 1/16 lows. The level is reinforced by the 1/4 high at 8841. Near term resistance is 8935. I'm looking to play a bounce from the current level in Yen crosses and I'm doing it through EURJPY. This is an extremely short term trade and may last just several hours. EURJPY support is 11775-11800 and resistance is 11900/40.

I remain long NZDUSD (from Friday) for an eventual breakout towards 8570. The stop has been moved up to 8350 (from 8320).

The EURCHF has dropped into a support zone that extends to 12283-12306. I'll probably be getting long here as well but I'm unsure if the setup will occur at higher or lower levels. Keep abreast of the situation via Twitter @JamieSaettele.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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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.