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Forex Technical Analysis: USDJPY 7921 Remains Key Level

Forex Technical Analysis: USDJPY 7921 Remains Key Level

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Forex Technical Analysis: USDJPY 7921 Remains Key Level

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The USDJPY has gone straight up since Thursday and formed a JS Thrust (JST) day MOnday. JST days are useful in establishing reference points to trade from, especially at high risk levels (like now) where being bullish feels like chasing.

Forex Trading Strategy Implications: Market risk is higher against 7921 towards 8150. If 7921 fails to hold, then the break that everyone is waiting for isn’t underway yet.

LEVELS: 7921 7958 7976 8009 8062 8148

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