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FOREX Technical Analysis: USDJPY Trading Near Critical Support

FOREX Technical Analysis: USDJPY Trading Near Critical Support

2012-11-09 02:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDJPY_Trading_Near_Critical_Support___body_usdjpy.png, FOREX Technical Analysis: USDJPY Trading Near Critical Support

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.” If weakness is a 4th wave, then price needs to stay above 7982 (allowing for a spike is ok). 7907 and 7927 are potential supports. The next few days probably determine how the USDJPY trades for the rest of the year.

FOREXTrading Strategy Implications: As (if) price nears mentioned supports (7927 and 7907), I’ll be on the lookout for signs of bearish exhaustion in order to turn bullish.

LEVELS: 7892 7907 7927 7975 8003 8047

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