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FOREX Technical Analysis: USDJPY Consoidates Friday’s Reversal

FOREX Technical Analysis: USDJPY Consoidates Friday’s Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USDJPY Consoidates Friday’s Reversal

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDJPY formed a JS Spike (JSS) today. This is the 5th JSS of 2012. The previous 4 were 8/1 (bullish), 6/25 (bearish), 3/15 (bearish), and 2/27 (bearish). Only the 2/27 signal failed. The 3/15 signal identified the high for the year. The 6/25 signal occurred at nearly the same price level as today’s signal as well (close on 6/25 was 7967).

FOREXTrading Strategy Implications: A line can now be drawn at 8037 (Friday’s high). As long as price is below there, the validity of the 10/22 bullish breakout is in question.

LEVELS: 7886 7921 7946 8037 8065 8148

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