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FOREX Technical Analysis: USD/JPY Inside Day Short Triggered

FOREX Technical Analysis: USD/JPY Inside Day Short Triggered

2013-01-07 00:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Inside Day Short Triggered

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Today’s inside day offers a calculated opportunity to ‘fight’ strength, if for just a corrective decline. While the longer term inverse head and shoulders breakout suggests much higher levels in the coming months, weakness below Friday’s low at 8720 would trigger an inside day bearish breakout. Levels of interest then are 8654/78 and 8565.

FOREXTrading Strategy: Look lower as long as price is below last week’s high towards mentioned levels. Ultimately, expect daily RSI at 60 to provide support.

LEVELS: 8617 8676 8723 8841 8915 9000

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