Euro / Japanese Yen
240 Minute Bars
Prepared by Jamie Saettele, CMT
The EURJPY has already reached the March low at 10564. One would typically expect a sharp bounce from a former monthly low but the rally into 10746 may actually compose the midpoint of the decline from the April 1 high. A clear objective is 10220/40; which is the 1/26 high, 61.8% retracement of the rally from 9703 and 100% extension of the decline from the April 1 high. Other levels that may provoke reactions on the way down are 10465 (gap from February) and 10348 (former resistance). 10600/50 is resistance.
Bottom line (next 5 days): sideways/lower
British Pound / Japanese Yen
240 Minute Bars
Prepared by Jamie Saettele, CMT
GBPJPY focus remains on the March low at 12653 and 2/23 low at 12646. The latter is also defined by the 50% retracement of the advance from 11727-13348. Resistance is 12880 and 12940 and the pivot is now today’s high at 13022.
Bottom line (next 5 days): sideways/lower
Australian Dollar / Japanese Yen
Daily Bars
Prepared by Jamie Saettele, CMT
8285 has been reached a bit earlier than expected. Immediate focus is on the trendline that extends off of the October and November lows. That line is at 8200 on Wednesday. Currently testing steep short term channel support, a bounce should encounter resistance at 8345 (if reached). 8462 (Tuesday high) is now the pivot.
Bottom line (next 5 days): sideways/lower
Euro / Australian Dollar
240 Minute Bars
Prepared by Jamie Saettele, CMT
The EURAUD found its low just before the former 4th wave extreme (circled on chart) of 12622. The decline from 12891 is left as a 3 wave decline (likely as a small 4th wave), thus expectations are for continued strength. Support from December is of interest at 12960.
Bottom line (next 5 days): higher
Euro / Canadian Dollar
Weekly Bars
Prepared by Jamie Saettele, CMT
“The January low (12874) is in sight and a break would target the January 2011 (and all of 2011) low at 12776 and then the 2010 (from June) low at 12449. Resistance is 12986 and 13025.” A stop on any shorts should be kept to 13333 given the macro risk off environment. 13180 and 13245 are additional resistance.
Bottom line (next 5 days): sideways
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
