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FOREX Technical Analysis: USD/JPY Extending with 8550 in Sight

FOREX Technical Analysis: USD/JPY Extending with 8550 in Sight

2012-12-24 16:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Extending with 8550 in Sight

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “As focused on in FX Technical Weekly, price has completed an impressive inverse head and shoulders pattern. A test of the broken neckline (as support) would present an opportunity to play the longer term break against 8172 (December low). Former resistance at 8283 is potential support.” The USDJPY is nearing 8551. Perhaps a run on that level is needed in order to clear excess positioning before price register a meaningful dip.

FOREXTrading Strategy: Price has yet to correct enough to safely enter from the long side. The next trade may actually be from the short side. Patience is warranted.

LEVELS: 8330 8385 8433 8480 8552 8600

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