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USDJPY Puts Fibonacci Level to the Test

USDJPY Puts Fibonacci Level to the Test

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Puts Fibonacci Level to the Test

Prepared by Jamie Saettele, CMT

“I wrote Friday that “today’s range doesn’t even qualify as a large range (JS Thrust) day. I see no objective point of reference from which to structure a trade at the moment.” A deeper look at price action reveals that Friday’s low was several pips from the close of the 9/13 low (Fed day). The reaction at that level is telling. What’s more, the trade above Friday’s outside day does trigger an outside day breakout.” The USDJPY is constructive against 7743 although I’m expecting a reaction now that the 61.8% retracement of the decline from 7921 (and close of 8/22 – a JS Thrust day) has been reached.

LEVELS: 7780 7800 7830 7861 7923 7966

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