News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
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

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

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.

DISCLOSURES