“Given the extent and structure of the USDJPY advance from 8813, it is possible that an A-B-C decline is complete from 9380. A move above 9217 would strongly suggest that the USDJPY is headed above 9380, which would indicate a breakout above trendline and channel resistance.” Still, until a move above 9380 or drop below 8813, conditions can be described as rangebound at best. Near term, consolidation last week may take the form of a triangle. Under this interpretation, the USDJPY would rally above 9110 in a terminal thrust before finding a top and rolling over. 9140 would be potential resistance. Potential support is 8950 and 8900.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
