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Yen Crosses Testing Resistance

Yen Crosses Testing Resistance

2012-01-17 19:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Euro / British Pound

Daily Bars

Yen_Crosses_Testing_Resistance_body_eurgbp.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

The EURGBP remains above the 1/9 daily key reversal low and formed a weekly key reversal last week. Strength is viewed as corrective (4th wave). 4th waves often take a triangle form. If a triangle is indeed unfolding from the low, then a price top is in place and price will trade in a contracting range for the next week or so before a new low is registered (levels to keep in mind are the August 2010 low at 8141 and the July 2010 low at 8066). 8350 is resistance.

Euro / Australian Dollar

Daily Bars

Yen_Crosses_Testing_Resistance_body_euraud.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

The EURAUD has reached the 161.8% extension of the 10/4/11-11/1/11 decline at 12229. Additional downside is favored in the weeks ahead but the next week is likely to produce a corrective rally in order to relieve the extreme daily momentum readings. At this point, all we can do is estimate that resistance is between 12447 and 12545. Rallies into there will present an opportunity to align with the larger downtrend against the January high of 12695.

Euro / Canadian Dollar

WeeklyBars

Yen_Crosses_Testing_Resistance_body_eurcad.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

“The deeply oversold level (daily RSI) on the EURCAD suggests lower prices in the weeks and months ahead but strength in the days ahead.” Resistance is 13095-13140 (20 day average defends latter level at 13145 today) and the downside is favored against the January high (13232). The next downside level of interest is the January 2011 low at 12776.

Euro / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Resistance_body_eurjpy.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

Much like the other euro crosses, near term focus is higher towards 9936 (former support) high and 10030 (1/3 high). The latter level is reinforced by the 20 day average, 38.2% retracement of the decline from the December high and Elliott channel (crosses the level next Monday). The next downside level of interest is the monthly S2 pivot at 9530.

British Pound / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Resistance_body_gbpjpy.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

The September low at 11682 remains of interest but reward/risk is not favorable for shorts at this level. Also, the GBPJPY carved out a daily key reversal on Friday. Those looking to align with the short side may do so at higher levels, notably above 11900. Stops should be kept to the high for January at 12020.

Australian Dollar / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Resistance_body_audjpy.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

AUDJPY focus remains higher towards the December high at 8053, the 11/7 high at 8146 and 100% extension of the rally from the November low at 8269.” 7960 is near term support and the upside is favored against 7877. One may wish to keep an eye on the short term channel as well. The channel crosses 8072 tomorrow and increases about 7 pips per day.

Canadian Dollar / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Resistance_body_cadjpy.png, Yen Crosses Testing Resistance

Prepared by Jamie Saettele, CMT

The trendline that extends off of the April, July, October, and December highs is being put to the test yet again and appears on the verge of breaking. A break above 7620 would shift focus higher towards 7737 (December high) and 7840 (100% extension of 7348-7737 rally). 7550 serves as support and the upside is favored against 7485.

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

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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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