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Support Channels Hold in Yen Crosses - Bulls Still in Control

Support Channels Hold in Yen Crosses - Bulls Still in Control

2012-03-08 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Euro / Japanese Yen

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_eurjpy.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

The EURJPY has retraced the entire early week drop and the impulsive nature of the advance from 10564 suggests that price is probably headed for a break of 10992. A break above 10994 exposes the October high at 11157. Refrain from chasing the rally at these levels however. Initial support is 10760. Additional support is 10725 and 10690.

Bottom line (next 5 days): sideways / higher

British Pound / Japanese Yen

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_gbpjpy.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

The GBPJPY has retraced the entire early week drop and the impulsive nature of the advance from 12653 suggests that price is probably headed for a break of 13010. A break above 13010 exposes the 61.8% retracement of the decline from the 2011 high at 13116. Refrain from chasing the rally at these levels. Initial support is 12835. Additional support is 12800 and 12740.

Bottom line (next 5 days): sideways / higher

Australian Dollar / Japanese Yen

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_audjpy.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

The AUDJPY has retraced the entire early week drop and the impulsive nature of the advance from 8480 suggests that price is probably headed for a break of 8800. A break above 8800 exposes the 2011 high at 9002. Refrain from chasing the rally at these levels. Initial support is 8620. Additional support is 8560.

Bottom line (next 5 days): sideways / higher

Canadian Dollar / Japanese Yen

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_cadjpy.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

The CADJPY has retraced the entire early week drop and the impulsive nature of the advance from 8037 suggests that price is headed for a break of 8282. A break above 8282 exposes the July 2011 high at 8505. Refrain from chasing the rally at these levels. Initial support is 8185. Additional support is 8150 and 8100.

Bottom line (next 5 days): sideways / higher

Euro / Australian Dollar

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_euraud.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

A multi month EURAUD 4th wave correction is still unfolding. Continue to look higher towards channel resistance (the 4th wave corrective channel resistance and the larger degree impulsive channel resistance). The channels intersect on at 12700 next week. A rally into there would offer an opportunity to get short.

Bottom line (next 5 days): sideways / higher

Euro / British Pound

Daily Bars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_eurgbp.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

“The EURGBP rally from the January low failed at former support (November) just above 8500 which keeps long term focus lower towards the 2010 low at 8066.” Action since the 2/24 high probably consists of waves 1 and 2 of the next larger bear leg. The downside is favored against 8505. The 50%-61.8% retracements of the 8505-8312 decline define resistance (8410/30).

Bottom line (next 5 days): topping

Euro / Canadian Dollar

DailyBars

Support_Channels_Hold_in_Yen_Crosses_-_Bulls_Still_in_Control_body_eurcad.png, Support Channels Hold in Yen Crosses - Bulls Still in Control

Prepared by Jamie Saettele, CMT

The EURCAD late February top is defined by “channel resistance, the 50% retracement of the decline from 14075, congestion from December and the 2011 double bottom.” Action since the 2/27 high probably consists of waves 1 and 2 of the next larger bear leg. The downside is favored against 13480. Resistance above today’s high is 13250/70 and 13305.

Bottom line (next 5 days): topping

--- 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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