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FOREX Technical Analysis: USD/JPY Sinking Towards Prior Week’s Low

FOREX Technical Analysis: USD/JPY Sinking Towards Prior Week’s Low

2012-12-05 02:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDJPY_Sinking_Towards_Prior_Weeks_Low_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Sinking Towards Prior Week’s Low

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDJPY has started December slightly weaker and near term focus is lower towards 8158, 8116, and perhaps 8088. Friday’s FX Technical Weekly provides a detailed look at what may be going on longer term. COT positioning is not to be ignored.

FOREXTrading Strategy: I am short and stops are moved down from 8290 to 8250. 8116 is the first objective.

LEVELS: 8088 8116 8158 8225 8250 8283

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

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