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FOREX Technical Analysis: USD/JPY 8230/47 is Now Resistance

FOREX Technical Analysis: USD/JPY 8230/47 is Now Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

FOREX_Technical_Analysis_USDJPY_823047_is_Now_Resistance_body_usdjpy.png, FOREX Technical Analysis: USD/JPY 8230/47 is Now Resistance

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. The 11/15 JS Thrust close at 8116 is of particular interest.

FOREXTrading Strategy: Intraday traders may wish to trade from the short side against 8283 towards 8116. Resistance is 8231/47. Daily traders should look for a low near 8116 in order to turn bullish again.

LEVELS: 8088 8113 8158 8247 8302 8355

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