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USD/JPY Range Taking Hold?

USD/JPY Range Taking Hold?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Range Taking Hold?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: As mentioned throughout last week, “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.” Given the inability to extend lower or respond to the 61.8% retracement of the decline from 94.61, one must consider the decline into 90.84 complete. That doesn’t necessarily mean that the uptrend is back underway. Rather, a period of sideways trading, not uncommon after a 1 volatility spike, may be underway. Estimated support and resistance levels are 91.81-92.16 and 93.85-94.21.

FOREXTrading Strategy: Range trade between 91.81 and 92.421.

LEVELS: 91.81 92.16 92.90 93.44 94.21 94.61

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