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Forex Trading: USD/JPY Inching Towards Support Zone

Forex Trading: USD/JPY Inching Towards Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

EURUSD weakness has extended and is nearing initial support at 12875. The area that surrounds 12875 is defined by support from late October, the 11/7 high, and 11/23 low. 12852 is where the decline from 13008 would consist of 2 equal waves. I’d be surprised if 12850/75 gives way easily. 12900/11 is now resistance and intraday trend is bearish below 12945.

The USDJPY is making its way towards the support zone that begins at 8158. I remain of the mind that the 4th wave of one less degree at 8088-8158 will produce the next low. 8113/16, which the 4th wave terminus (triangle) and 11/15 JS Thrust close, is of specific interest.

The EURJPY stop on the short was moved to breakeven (10641) last night (released via Twitter @JamieSaettele). I wrote here yesterday that “a look at the weekly reveals resistance from 2010 and early 2011 lows. Intraday analytics are suggestive of a top (JS Spike on Sunday night on 240 minute chart for example and the high remains the first session of the week…on Sunday night). A soft target is 10465 although I’ll trail the stop as market activity warrants.” 10500, 10506 in particular, is a level that may produce a reaction. I’ll stay short until further notice. USDJPY action will be the primary consideration in exiting this trade.

EURUSD – Daily

Forex_Trading_USDJPY_Inching_Towards_Support_Zone__body_eurusd.png, Forex Trading: USD/JPY Inching Towards Support Zone

Prepared by Jamie Saettele, CMT

USDJPY – 240 Minute

Forex_Trading_USDJPY_Inching_Towards_Support_Zone__body_usdjpy.png, Forex Trading: USD/JPY Inching Towards Support Zone

Prepared by Jamie Saettele, CMT

EURJPY – 240 Minute

Forex_Trading_USDJPY_Inching_Towards_Support_Zone__body_EURJPY.png, Forex Trading: USD/JPY Inching Towards Support Zone

Prepared by Jamie Saettele, CMT

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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.