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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The Aussie sell-off halted at key lateral support this week and puts the focus on a break of this key range. Here are the levels that matter on the AUD/USD weekly chart. Get your $AUDUSD technical analysis from @MBForex here: https://t.co/rU4u1tMlmz https://t.co/QbyxUrDq1a
  • The $JPY market faces a clear disconnect between domestic economic data and monetary policy. What if that were to change? Get your market update from @DavidCottleFX here:https://t.co/4Gr8tLaHvj https://t.co/0eXMv5CTnd
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
  • Poll - Does your personality match your #tradingstyle? Vote and find out from @WVenketas here: https://t.co/vREsUIWSJd https://t.co/Ft0ExAmMpq
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/WzRYeqRhUL
FOREX Technical Analysis: USD/JPY Slams into Cluster of Measured Levels

FOREX Technical Analysis: USD/JPY Slams into Cluster of Measured Levels

2012-11-16 01:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

FOREX_Technical_Analysis_USDJPY_Slams_into_Cluster_of_Measured_Levels_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Slams into Cluster of Measured Levels

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote yesterday that “8042/47 is resistance before the high and I’m on the lookout for exhaustion and a top the rest of this week. Even if the rally from 7712 is unfolding as an impulse (5 waves), the USD/JPY is likely to reverse after trading above 8067.” The USD/JPY high Thursday was 8146, just 2 pips shy of the 61.8% retracement of the decline from March. Elliott wave channelling and Fibonacci relationships suggest that the current level is one of importance as well. Wave 5 is equal to 61.8% of waves 1 through 3 and price closed beneath the Elliott channel after trading through it intraday. Bigger picture, the potential resistance zone extends to about 8250. 8244 is the 61.8% extension of the 7556-8417 rally from 7712 and the top of the March 2011 intervention (8246).

FOREXTrading Strategy: Based on structure of the rally from 7907, the USD/JPY may extend slightly higher but in a series of 4th and 5th waves (expect more 2 way trading). Support for Friday is 8080. COT positioning is consistent with turns towards Yen strength.

LEVELS: 8030 8059 8082 8148 8185 8244

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

DISCLOSURES

News & Analysis at your fingertips.