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USD/JPY 2010 High in Sight at 9500

USD/JPY 2010 High in Sight at 9500

2013-02-05 23:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 2010 High in Sight at 9500

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDJPY reached its first inverse head and shoulders target of 9279 on Friday. The more aggressive target is just above the 2010 high of 9498 at 9547. I wrote yesterday that “price is nearing initial support from 9177-9207. A break there would expose the 1/30 high at 9140 and create overlap with the rally from 9032. That would be a sign that something bearish is in the works. Until then, stand aside.” Today is a good example of why it’s a good idea to wait for confirmation before playing hero (calling a top).

FOREXTrading Strategy: Willing to play the short side below Tuesday’s low (9197) towards former resistance at 9024…but nothing right here.

LEVELS: 9140 9200 9300 9397 9498 9778

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