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USD/JPY Candle Combination Pattern

USD/JPY Candle Combination Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Candle Combination Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDJPY reached its first inverse head and shoulders target of 9279 last week. The more aggressive target is just above the 2010 high of 9498 at 9547. An outside day on Tuesday and Doji warnof a turn. Weakness below the line that extends off of the1/29 and 2/5 lows serves as the trigger for a short towards 9125 and 9025. The line is at about 9260 on Thursday and increases roughly 30 pips per day.

FOREXTrading Strategy: PENDING - Weakness below the mentioned trendline is needed in order to trigger a short. View EURJPY as well.

LEVELS: 9125 9200 9326 9405 9498 9778

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

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