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FOREX Technical Analysis: USD/JPY Drop May End Near 8160

FOREX Technical Analysis: USD/JPY Drop May End Near 8160

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDJPY_Drop_May_End_Near_8160_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Drop May End Near 8160

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDJPY has reacted after reaching the final cluster of technical resistance (measured levels) before the March highs. This reaction should present the next opportunity to align with the move for a test of 8345 and potentially a break of the March high at 8417. The estimated support zone is former congestion from 8158 to 8088. A 10 day average is plotted. Short term moving averages such as the 10 day can help when attempting to enter strong trending markets (such as the move up in February and March…which is circled).

FOREXTrading Strategy: Longs on weakness below 8158 with a stop below the 11/15 JS Thrust low of 8012.

LEVELS: 8088 8113 8159 8247 8302 8355

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