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Shorting Early Week Strength in Yen Crosses

Shorting Early Week Strength in Yen Crosses

2013-02-11 13:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Technicals (all USD crosses, gold, crude)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

The EURJPY, CHFJPY, AUDJPY, CADJPY, and NZDJPY carved out Weekly J Spike Reversals. As such, I’d like to short early week strength in Yen crosses. Levels of interest as resistance are 12556-12606 EURJPY, 10208/45 CHFJPY, 9628/55 AUDJPY, 9325/54 CADJPY, and 7819/48 NZDJPY.

My trading will focus on EURJPY and AUDJPY but AUDJPY is probably the best play as per EURAUD structure (bullish) and AUDUSD structure (bearish). On that front, I’ll be looking to return to a long EURAUD position this week – I’d like to see an up day above trendline support before going back in.

EURJPY –240 Minute

Shorting_Early_Week_Bounce_in_Yen_Crosses__body_eurjpy.png, Shorting Early Week Strength in Yen Crosses

Prepared by Jamie Saettele, CMT

AUDJPY –240 Minute

Shorting_Early_Week_Bounce_in_Yen_Crosses__body_audjpy.png, Shorting Early Week Strength in Yen Crosses

Prepared by Jamie Saettele, CMT

EURAUD –Daily

Shorting_Early_Week_Bounce_in_Yen_Crosses__body_euraud.png, Shorting Early Week Strength in Yen Crosses

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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 ForexMarket.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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