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Yen Volatility Presents Opportunities on Both Sides of the Market

Yen Volatility Presents Opportunities on Both Sides of the Market

2012-06-06 19:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Euro / Japanese Yen

Daily Bars

Yen_Volatility_Presents_Opportunities_on_Both_Sides_of_the_Market_body_eurjpy.png, Yen Volatility Presents Opportunities on Both Sides of the Market

Prepared by Jamie Saettele, CMT

The EURJPY has reached the congestion area from late May, the top of which is resistance at 10032. The resistance zone extends as high as 10212. With this in mind, the correction is probably more than half way over in price (decline from low to current level is 380 pips and the distance from current level to 10212 is 270 pips). 9790-9830 is support. A move in RSI above the previous peak (just above 50) will present the next swing short opportunity.

British Pound / Japanese Yen

Daily Bars

Yen_Volatility_Presents_Opportunities_on_Both_Sides_of_the_Market_body_gbpjpy.png, Yen Volatility Presents Opportunities on Both Sides of the Market

Prepared by Jamie Saettele, CMT

Last week’s comments were that “the drop this morning has a panic feeling to it and a snapback rally to 12260 would present an opportunity to get short again against 12510 for an assault on 11960 and maybe 11727.” The GBPJPY nearly got to 12300 today and additional upside seems likely into former congestion at 12414-12506 but probably not before a pullback. Supports are 12200 and 12150.

Australian Dollar / Japanese Yen

Daily Bars

Yen_Volatility_Presents_Opportunities_on_Both_Sides_of_the_Market_body_audjpy.png, Yen Volatility Presents Opportunities on Both Sides of the Market

Prepared by Jamie Saettele, CMT

Friday’s panic has given way to a 400 pip rally. The AUDJPY has ripped right into the confluence of the 20 day average and channel resistance. Like the other Yen crosses, the AUDJPY is at a level that could produce a short term top (1-2 days). 7745/70 is now support and resistance is 7930/50. A move in RSI above the previous peak (just below 50) will present the next swing short opportunity.

New Zealand Dollar / Japanese Yen

Daily Bars

Yen_Volatility_Presents_Opportunities_on_Both_Sides_of_the_Market_body_nzdjpy.png, Yen Volatility Presents Opportunities on Both Sides of the Market

Prepared by Jamie Saettele, CMT

The NZDJPY has roared higher to slightly exceed the previous peak of 6078 (5/29 high). The next level of resistance isn’t until the 5/9 low at 6216. Like the other crosses, I’m looking for some weakness from the current level towards 5990-6020 before a final push towards 6200. The RSI ‘tell’ is of interest here as well of course.

--- 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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