FOREX Technical Analysis: USD/JPY 8907 Serves as Near Term Pivot
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote last week 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: A top near 90 is still possible although I would rather wait for a drop below 8907 to signal the beginning of a deeper correction.
LEVELS: 8797 8840 8907 8967 9000 9100
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