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FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

2012-12-04 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

Shorts were taken last yesterday in the USDJPY at 8220. Risk can already be tightened from 8290 to 8255 and focus is on the top of former congestion at 8158, which is also where the decline from 8283 would consist of 2 equal waves. The bottom of congestion at 8088 is the 161.8% extension. The 11/15 JS Thrust close at 8116 is a level that is expected to produce a reaction if reached.

We’ve been fortunate to have stayed away from the EURUSD as price continues to crawl higher. Price is nearing the top of its 3 month range (13172) but faces potential resistance from the 9/17 reversal day close at 13115 as well. I’m in wait and see mode for now.

Keep an eye on the GBPJPY, which is struggling at channel resistance and the reversal day close from the high of the year in March.

USDJPY – Daily

FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_usdjpy.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

Prepared by Jamie Saettele, CMT

EURUSD – Daily

FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_eurusd.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

Prepared by Jamie Saettele, CMT

GBPJPY – Daily

FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_gbpjpy.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

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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