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USD/JPY Trades to 20 Day Average-Resolution to Range Awaits

USD/JPY Trades to 20 Day Average-Resolution to Range Awaits

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trades to 20 Day Average-Resolution to Range Awaits

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: To review – “last Tuesday’s inside day after Monday’s suspicious late day rally smells like a top...Friday’s reversal may be a shake out.” The next move depends on which way price breaks from the recent range. Trendline supports have been broken across all Yen crosses which may foreshadow the USDJPY fate. An upside break would still the 2010 high at 9498 and March 2008 low at 9572. A break below 9216 would complete a head and shoulders top with a target of 8998 (former resistance at 9125 as well).

FOREXTrading Strategy: A drop below 9216 would complete a head and shoulders top with a target of 90.

LEVELS: 9125 9216 9276 9330 9405 9445

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