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FOREX Technical Analysis: USD/JPY Break Objectives Start at 8356

FOREX Technical Analysis: USD/JPY Break Objectives Start at 8356

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Break Objectives Start at 8356

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: No change: “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: Continue looking higher. I expect a reaction at 8356 if reached. Risk on longs is now 8211 and 8283 (former resistance) is probably support.

LEVELS: 8230 8255 8283 8356 8117 8500

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