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USD/JPY Working on Time Component of Correction

USD/JPY Working on Time Component of Correction

2013-02-27 23:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Working on Time Component of Correction

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: As mentioned yesterday, “the time component of the correction is probably underway. 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: Looking to short 9300 for a test of Monday’s low and probably 9025/50 before turning bullish.

LEVELS: 9024 9086 9182 9274 9308 9445

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