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US Dollar Forex Trading Program: 07/16/2013

US Dollar Forex Trading Program: 07/16/2013

Jamie Saettele, CMT, Sr. Technical Strategist

Yesterday - "As focused on in Friday's FX Technical Weekly, focus is on selling a USDJPY rally. Price traded slightly above the 61.8% retracement of the decline from 101.53 before reversing sharply. The 30 yr US bond future registered low just before the confluence of the 61.8% retracement of its advance. It's possible that a low is in place for that future and that a high is in place for the USDJPY. Things are setting up for the next USDJPY short trade...will wait for Monday's action to complete before making a decision on exact entry."

Update - order to short USDJPY at 99.70. Stop is 100.60. Target half at 99.00. Other half will be trailed but the soft target is 95.40.

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