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FOREX Technical Analysis: USD/JPY Trendine in Focus Near 8750

FOREX Technical Analysis: USD/JPY Trendine in Focus Near 8750

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Trendine in Focus Near 8750

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The first trading day of the year (1/2) has produced the month to date (and year) low. In other words, the opening range for the month and year has been broken to the upside so it’s possible that the monthly and even yearly lows are in place.” This latest drop may be the first (wave A) of a 3 wave corrective drop that ends above 8653. The rally from today’s low probably creeps higher before finding resistance near 8900.

FOREXTrading Strategy: The correction probably needs at least the rest of this week. 8893-8908 is resistance and 8740 is support ahead of the monthly low. Near term shorts are favored into 8900 for a drop into 8740/75. That level may produce the next longer term buying opportunity.

LEVELS: 8693 8738 8778 8916 8967 9000

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

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