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Dollar / Yen at Highest Level Since October Intervention

Dollar / Yen at Highest Level Since October Intervention

2012-02-14 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

US Indices –Pattern remains constructive above Friday’s lows, which can be used as pivots for the larger trend (bullish above and bearish below). Supports for the S&P e-mini today is 1342.75. Watch the July high at 1356.48 in the futures for tiring in the overall trend.

EURUSD – Found support just above the 100% extension of the 13321-13155 decline (extension is at 13116). The critical level for the larger trend is the 2/6 low at 13026. Pattern is constructive above 13026 towards Fibonacci objectives at 13435 and 13630.

Dollar_Yen_at_Highest_Level_Since_October_Intervention___body_eurusd.png, Dollar / Yen at Highest Level Since October Intervention

Prepared by Jamie Saettele, CMT

GBPUSD – The GBPUSD drop under 15705 (2/1 low) shifts focus to the 100% extension of the 15928-15730 decline at 15628. This area is also defended by the 1/27 low. Price is at short term channel support.

Dollar_Yen_at_Highest_Level_Since_October_Intervention___body_gbpusd.png, Dollar / Yen at Highest Level Since October Intervention

AUDUSD – Expectations remain for additional strength towards 10900 and perhaps a test of the record free floating high at 11080 as long as price is above Friday’s low (10639). A drop below 10639 shifts focus to the 100% extension of the decline from 10844-10639, at 10573 (2/1 low is at 10569).

NZDUSD – The decline reversed right at Elliott channel support on Friday. Expectations are for strength to extend above last week’s high and perhaps towards the September high just above 8500 as long as price is above 8249.

Dollar_Yen_at_Highest_Level_Since_October_Intervention___body_nzdusd.png, Dollar / Yen at Highest Level Since October Intervention

Prepared by Jamie Saettele, CMT

USDJPY – Has soared to take out the November-January highs and is nearing the trendline that extends off of the 2008 and 2010 highs. That line is at about 7870 this week and a pop above would shift focus to the October intervention high at 7953. Support is now 7780-7820. The nature of the USDJPY rally (gradual rather than a spike) suggests that the move is sustainable.

--- 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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