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)
The USDJPY is in play today. After trading to its highest level since 7/18, the pair reversed sharply following the US CPI print. The pop above 7900 comes following the lowest 5 day range since mid-January (and lowest 20 day range since late December). Similar 5 day ranges were registered in December and October. Each time, the initial move was wrong and completely retraced. This is a function of the false breaks that accompany markets undergoing a shift in volatility expectations. Combined with former support turned resistance above 7900 and the 3 wave (corrective) advances from 7556 (record low) and 7765, the USDJPY is vulnerable.
I continue to ‘believe’ in the bigger picture AUDUSD and NZDUSD turns. Prices are nearing resistance as I type (10500 and 8075).
USDJPY – Daily Bars

Prepared by Jamie Saettele, CMT
AUDUSD – Daily Bars

Prepared by Jamie Saettele, CMT
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.
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.