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FOREX Technical Analysis: USD/JPY Triangle Remains Favored Scenario

FOREX Technical Analysis: USD/JPY Triangle Remains Favored Scenario

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Triangle Remains Favored Scenario

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.

FOREXTrading Strategy: Given the impulsive nature of the rally from Monday’s low, I’m looking higher against 8167 towards 8356.

LEVELS: 8116 8168 8200 8283 8356 8417

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

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