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FOREX Technical Analysis: USD/JPY Triangle offers NFP Opportunity

FOREX Technical Analysis: USD/JPY Triangle offers NFP Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDJPY_Triangle_offers_NFP_Opportunity_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Triangle offers NFP Opportunity

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Trade since 8283 may compose a triangle. Friday’s FX Technical Weekly provides a detailed look at what may be going on longer term. Near term, the 4th wave interpretation suggests a terminal thrust higher through 8283. Watch 8356 for a reversal. The scenario fits nicely with NFP tomorrow.COT positioning is not to be ignored.

FOREXTrading Strategy: There are several ways to play this. I’d consider longs only if able to get in at 8200 with an 8165 stop. Another option is selling into 8356 if reached, which I would consider only if reached tomorrow before the US market opens.

LEVELS: 8116 8168 8200 8283 8356 8417

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