We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
FOREX Technical Analysis: USDJPY Responsive to Key Support

FOREX Technical Analysis: USDJPY Responsive to Key Support

2012-11-09 14:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

After a nasty Asian fake out rally in risk, S&Ps are going to open gap down (at this point futures are down 7.25). Yen and USD crosses are at/nearing levels that may produce a decent intraday bounce in early US trade.

-EURUSD-is at the top of estimated 12650/90 support. 12690 is the late June pivot high. 12650 is the JS Thrust day close from that same day (12653 to be exact on 6/29). 12651 is the 9/6 high. Initial resistance for Friday is 12730.

-USDJPY-has traded into and responded extremely well to the area just below the former 4th wave (7927). As long as price holds 7892, respect bullish potential. Initial resistance is 7940.

-EURJPY-is testing the 38.2% retracement of the rally from the July low. 10015/19 is also potential support. Initial Friday resistance is 10100.

EURUSD – Daily Bars

FOREX_Technical_Analysis_USDJPY_Responsive_to_Key_Support__body_eurusd.png, FOREX Technical Analysis: USDJPY Responsive to Key Support

Prepared by Jamie Saettele, CMT

USDJPY – Daily Bars

FOREX_Technical_Analysis_USDJPY_Responsive_to_Key_Support__body_usdjpy.png, FOREX Technical Analysis: USDJPY Responsive to Key Support

Prepared by Jamie Saettele, CMT

EURJPY – Daily Bars

FOREX_Technical_Analysis_USDJPY_Responsive_to_Key_Support__body_EURJPY.png, FOREX Technical Analysis: USDJPY Responsive to Key Support

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox once a day.

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.

DISCLOSURES

News & Analysis at your fingertips.