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USD/JPY Grind Higher May Dominate March

USD/JPY Grind Higher May Dominate March

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Grind Higher May Dominate March

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Friday was a classic news fade trade in USDJPY. The NFP release inspired a spike into 96.55, which ended up being the high of the day. Price was down over 100 pips slightly more than an hour later. Action since the Friday post NFP low is consistent with the always annoying grind higher. Expect the crawl higher as long as price is above Friday’s 94.77 low. 95.24 and the post NFP low at 95.49 are now support.

FOREXTrading Strategy: Flat

LEVELS: 93.07 94.45 95.27 97.00 97.78 99.66

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