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FOREX Technical Analysis: USDJPY Weakness Favored Towards 7927

FOREX Technical Analysis: USDJPY Weakness Favored Towards 7927

2012-11-07 01:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDJPY_Weakness_Favored_Towards_7927_body_usdjpy.png, FOREX Technical Analysis: USDJPY Weakness Favored Towards 7927

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDJPY tagged the June high on Friday and weakness since then has unfolded in an impulsive fashion. It is possible that weakness will compose a corrective 4th wave.

FOREXTrading Strategy Implications: As long as price is below Friday’s high, the risk is lower towards 7927. I prefer to play yen strength through EURJPY however.

LEVELS: 7927 7963 7996 8067 8100 8148

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

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