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NZDJPY Extends Losses Following Key Reversal

NZDJPY Extends Losses Following Key Reversal

2012-06-28 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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New Zealand Dollar / Japanese Yen

Daily Bars

NZDJPY_Extends_Losses_Following_Key_Reversal_body_nzdjpy.png, NZDJPY Extends Losses Following Key Reversal

Prepared by Jamie Saettele, CMT

“The NZDJPY is the only Yen cross to carve out a key reversal (the other crosses didn’t satisfy the range condition). A key reversal at a 50% Fib can be a good short setup, but I’ll pass on this one.” It’s time to act on the key reversal signal as price has started to separate from the reversal day range. Look lower towards Fibonacci extensions at 6157 and 6054. The former level is in line with the 20 day average and the latter level is close to the 5/29 high at 6078. The most bearish near term count is valid against 6324 and short term resistance is 6250/75.

Euro / Japanese Yen

240 Minute Bars

NZDJPY_Extends_Losses_Following_Key_Reversal_body_eurjpy.png, NZDJPY Extends Losses Following Key Reversal

Prepared by Jamie Saettele, CMT

“The EURJPY has retraced exactly 38.2% of its decline from the March high. There is not enough information to suggest that the rally from the 6/1 low has reversed.” There is now enough information of course to shift focus lower towards the 6/1 high at 9750, 100% extension of the 10162-9874 decline from 9960 at 9673 and ultimately the June low at 9558. The most bearish near term count is valid against 9960 and short term resistance is 9890-9915.

British Pound / Japanese Yen

240 Minute Bars

NZDJPY_Extends_Losses_Following_Key_Reversal_body_gbpjpy.png, NZDJPY Extends Losses Following Key Reversal

Prepared by Jamie Saettele, CMT

Focus has shifted lower in the GBPJPY towards the confluence of the 6/15 low and 100% extension of the 12583-12353 decline from 12455 at 12213/25, the confluence of the 6/1 high and 161.8% extension at 12083 and ultimately the June low at 11877. The most bearish near term count is valid against 12455 and short term resistance is 12350/85.

Australian Dollar / Japanese Yen

Daily Bars

NZDJPY_Extends_Losses_Following_Key_Reversal_body_audjpy.png, NZDJPY Extends Losses Following Key Reversal

Prepared by Jamie Saettele, CMT

“The AUDJPY has retraced exactly 50% of the decline from the March top but like the other crosses there is not enough information to suggest that a top is in place.” On the verge of breaking the 6/25 low now, focus is indeed lower towards the 100% extension of the 8157-7931 decline from 8055 at 7830, 6/8 low at 7769 and 6/1 high at 7611. The most bearish near term count is valid against 8055 and short term resistance is 7970-8000.

--- 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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