News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
FOREX Technical Analysis: USD/JPY Rips Again

FOREX Technical Analysis: USD/JPY Rips Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDJPY_Rips_Again__body_usdjpy.png, FOREX Technical Analysis: USD/JPY Rips Again

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote yesterday that “pattern since the 1/4 high suggests that weakness is probably a 4th wave. In other words, additional sideways trading is possible but another high (in wave 5 and probably to complete the cycle that began on 11/9) is the likely outcome before a deeper decline. If the USDJPY trades above 8842, then I’ll be on the lookout for signs of a top at 90. Aside from the obvious psychological implications, 8999 is the width of consolidation (8241-8683) added to the top. Consolidations can be used to identify measured moves” .

FOREXTrading Strategy: We’ve got the new high so watch for signs of a top but maybe not until 90

LEVELS: 8675 8775 8812 8900 9000 9100

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

DISCLOSURES