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USD/JPY Crawls into Top of Range Before BoJ Decision

USD/JPY Crawls into Top of Range Before BoJ Decision

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Crawls into Top of Range Before BoJ Decision

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change other than noting that the USDJPY is nearing the top of the estimated range and a new high would encounter the 2010 high at 94.98. “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 may be underway. Estimated support and resistance levels are 91.81-92.16 and 93.85-94.21.”

FOREXTrading Strategy: Flat (but EURJPY long from Tuesday remains underway with 123.20 and 124.00 targets).

LEVELS: 91.82 92.43 93.57 94.61 94.97 95.47

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