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FOREX Trading: Yen Crosses Tempt Bears at Elevated Levels

FOREX Trading: Yen Crosses Tempt Bears at Elevated Levels

2012-11-20 14:50:00
Jamie Saettele, CMT, Sr. Technical Strategist

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

TheUSDJPYcontinues to inch higher. Keep an eye on the 4/20 high at 8178 for a market response although the next confluence of technical levels isn’t until the mid-8200s (8244 to be exact). Weakness below 8108 is needed in order to trade from the short side at this point.

TheAUDJPY has stalled out several pips below the well-defined 8480. This is a high risk area for bulls and therefore an area that may produce a meaningful reversal but a drop below 8414 is needed before I can trade from the short side.

I maintain that the EURUSD trend is down against 12981 and that rallies should be sold. Former supports at 12824 and 12882 are levels to expect resistance. The former level has held so far.

USD/JPY – Daily Bars

FOREX_Trading_Yen_Crosses_Tempt_Bears_at_Elevated_Levels_body_usdjpy.png, FOREX Trading: Yen Crosses Tempt Bears at Elevated Levels

Prepared by Jamie Saettele, CMT

AUD/JPY – Weekly Bars

FOREX_Trading_Yen_Crosses_Tempt_Bears_at_Elevated_Levels_body_audjpy.png, FOREX Trading: Yen Crosses Tempt Bears at Elevated Levels

Prepared by Jamie Saettele, CMT

EUR/USD – Daily Bars

FOREX_Trading_Yen_Crosses_Tempt_Bears_at_Elevated_Levels_body_eurusd.png, FOREX Trading: Yen Crosses Tempt Bears at Elevated Levels

Prepared by Jamie Saettele, CMT

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

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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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