News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
FOREX Technical Analysis: USDJPY Consolidates at Key Level

FOREX Technical Analysis: USDJPY Consolidates at Key Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USDJPY Consolidates at Key Level

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDJPY is little changed. To review, price 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.” The last 4 bullish breakout bars (daily) are Monday, 8/16, 6/21, and 2/9. The only one that worked was 2/9 although it worked amazingly. This is why 7920 is so important.

FOREXTrading 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: 7886 7921 7946 8009 8062 8148

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

DISCLOSURES