US Dollar Forex Trading Program: 7/09/2013
A move through the high opens up 1295 (2 equal legs from the low) and 1319 (161.8%). Friday’s FX Technical weekly provides additional details.
The USDJPY is nearing levels ripe for a sale. High volume areas are seen at 101.27 and 101.97. The 78.6% retracement of the decline from the high is 101.60. The underside of the November 2012-April 2013 trendline reinforces this area as one to look for a top. I would turn bearish below 100.45…then look to short strength.
The latest recovery failed shy of 1.5000....was looking for a top at 1.5007 or 1.5100. USD strength in general is stretched...I will not chase weakness here.
Got the low last night after the China news spike into support. I'm a bull above the 7/3 low (.9036). Estimated support is now .9109.
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