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FOREX Technical Analysis: USD/JPY Rides Top of Channel

FOREX Technical Analysis: USD/JPY Rides Top of Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Rides Top of Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The next long term resistance isn’t until the 2010 high (May 2010, before the flash crash) at 9498. The level corresponds to the most aggressive inverse head and shoulders measurement at 9547. The width of the latest dip can be used to determine short term objectives, which are now 9159 and 9242. Former resistance is support at 9024 and extends to the 50% retracement of the latest swing from 8805 – at 8965.

FOREXTrading Strategy: Buying weakness below 9024, against 8805, towards 9500

LEVELS: 8927 8965 9024 9160 9300 9500

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