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USD/JPY 9025/50 is Estimated Support for Larger Bull Move

USD/JPY 9025/50 is Estimated Support for Larger Bull Move

2013-02-26 21:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 9025/50 is Estimated Support for Larger Bull Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0New to FX?Know Your Trader IQ

FOREXAnalysis: The USDJPY was little changed today as the time component of the correction is probably underway. Yesterday’s comments remain valid. “The USDJPY made its high in the first minute of trade Sunday night on supposedly ‘bullish news’ over the weekend. Markets do not reward groupthink. The USDJPY may have seen the bulk of its correction in price but additional sideways activity is probably needed in order to correct the market in time. Resistance is 9265-9308 (50%-61.8% of Monday’s range) and eventual supports remain 9024 and even 8840 (former resistance).”

FOREXTrading Strategy: Near term (1-3 days) shorts favored for a test of Monday’s low and probably 9025/50 (9300 is resistance) but then looking to turn bullish.

LEVELS: 9024 9086 9157 9274 9308 9445

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

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