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USDJPY Trades Through Major Trendline-October High Next

USDJPY Trades Through Major Trendline-October High Next

2012-02-16 14:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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 – All futures and indices traced out key reversals yesterday (see first expo video for more on key reversals-magenta bars on chart below are key reversals). All the warnings that came before the turn such as the divergence between indices and candle patterns on the SPY suggest that we take this drop seriously. ES (S&P e-mini) has met initial support but any strength is a candidate to get short. Resistance extends to 1347. Levels to watch on the downside are 1329.75, 1317, 1311, and the February low at 1303.75.

USDJPY_Trades_Through_Major_Trendline-October_High_Next_body_inx.png, USDJPY Trades Through Major Trendline-October High Next

Prepared by Jamie Saettele, CMT

EURUSD – the drop below 13025 shifts focus to the confluence of former resistance at 12880 (this level is surrounded by Fibonacci measurements as well). 13040 and 13080 are now resistance.

AUDUSD – The AUDUSD decline may still compose a corrective 4th wave. The 20 day average continues to hold and channel support is at about 10633 today (Thursday).

NZDUSD – The NZDUSD carved out a key reversal on Wednesday for the first time since October 4th, 2011 (that one was bullish). Price has also dropped to test its 20 day average for the first time since 12/29. Given the key reversal, I’m leaning towards the idea that the move into today’s high completed 5 waves up from the December low. 8320 and 8350 are resistance.

USDJPY_Trades_Through_Major_Trendline-October_High_Next_body_nzdusd.png, USDJPY Trades Through Major Trendline-October High Next

Prepared by Jamie Saettele, CMT

USDJPY – Has pushed above the 2008-2010 resistance line and is nearing the October high of 7953. 7850/70 is now support. Strategically, it is best to continue moving up the stop (move up from 7735 to 7815).

USDJPY_Trades_Through_Major_Trendline-October_High_Next_body_usdjpy.png, USDJPY Trades Through Major Trendline-October High Next

Prepared by Jamie Saettele, CMT

--- 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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