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USD/JPY at Risk of Short Term Trendline Breaks

USD/JPY at Risk of Short Term Trendline Breaks

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY at Risk of Short Term Trendline Breaks

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: To review – Tuesday’s inside day after Monday’s suspicious late day rally smells like a top. Today’s break of the 2x2 trendline (a trendline drawn off of pivots with left strength and right strength of 2) increases evidence that the rubber band is about to snap back…at least to some extent.

FOREXTrading Strategy: Shorting a drop below 9235 with 9400 stop / 9125 and 9025 targets. EURJPY is also in play right now.

LEVELS: 9125 9216 9281 9370 9445 9498

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

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