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Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

Jamie Saettele, CMT, Sr. Technical Strategist

Euro / Japanese Yen

Daily Bars

Reflecting_Risk_Trends_Yen_Crosses_Stall_at_Resistance_for_Now_body_eurjpy.png, Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

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). Since last update, price has traded wildly but sideways. Action this week is viewed as a B wave. From a trading perspective, it’s best to let the B wave play out before taking action. A key level to watch is 9760/90. 9760 is the 61.8% retracement of the rally from 9557 and 9790 is where the decline from 10090 would consist of 2 equal waves (this level intersects with corrective channel support tomorrow afternoon).

British Pound / Japanese Yen

Daily Bars

Reflecting_Risk_Trends_Yen_Crosses_Stall_at_Resistance_for_Now_body_gbpjpy.png, Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

Prepared by Jamie Saettele, CMT

The GBPJPY reversed today at the bottom of former congestion (12413) and the former base channel. Like the EURJPY, expectations are for weakness but the sideways action since the 6/7 high may be just a B wave. 12190 and the 12100 area (61.8% retracement and former resistance) are levels to keep in mind as supports this week.

Australian Dollar / Japanese Yen

Daily Bars

Reflecting_Risk_Trends_Yen_Crosses_Stall_at_Resistance_for_Now_body_audjpy.png, Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

Prepared by Jamie Saettele, CMT

Guess what? The short term AUDJPY structure is the exact same as the other Yen crosses. The sharp rally off of the low stalled at former congestion and specifically the 5/9 low. Sideways trade since the 6/7 high is probably a B wave (second of a 3 wave correction from the low). I do suggest letting this sideways / lower trade play out between 7971 and 7768. A drop below could present an opportunity to get long later in the week near 7635/85.

New Zealand Dollar / Japanese Yen

Daily Bars

Reflecting_Risk_Trends_Yen_Crosses_Stall_at_Resistance_for_Now_body_nzdjpy.png, Reflecting Risk Sentiment-Yen Crosses Stall at Resistance…for Now

Prepared by Jamie Saettele, CMT

The NZDJPY reached its 5/9 low today nearly to the pip. The NZDJPY is at a 20 day high for the first time since 3/19 (the top). The next larger move is probably lower towards 6030 and 5960 in order to correct the advance from the low but short term structure does give scope to one final push before a sharp decline (to complete a diagonal from 6028).

--- 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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