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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.