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USDJPY Break Higher is Difficult to Trust

USDJPY Break Higher is Difficult to Trust

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Break Higher is Difficult to Trust

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the USDJPY 5 day range of .81% is the lowest 5 day range since January. Similar levels were registered in December 2011 and October 2011. In all instances, the initial move was wrong. Viewed in the context of 3 wave rallies at multiple degrees of trend, a sensible strategy is to short sharp rallies. Watch 79.12.” The USDJPY rally failed before 7912 (7893 high so far) but that level is still viewed a probable resistance if reached. On balance, I’m inclined to treat this as a trap but would rather play it through AUDJPY and/or NZDJPY.

LEVELS: 7790 7840 7860 7912 7940 8007

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