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FOREX Technical Analysis: USD/JPY Recent Pivots are Potential Support at 8650/75

FOREX Technical Analysis: USD/JPY Recent Pivots are Potential Support at 8650/75

2013-01-08 23:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Recent Pivots are Potential Support at 8650/75

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote yesterday that “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.” Price is approaching initial support (8650/75) and resistance is now 8760/95.

FOREXTrading Strategy: Short into 8760/95, targeting 8590. As mentioned yesterday, a drop below 60 on daily RSI may indicate support.

LEVELS: 8565 8615 8654 8760 8795 8840

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