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USD/JPY is Quiet at Top of Range

USD/JPY is Quiet at Top of Range

2013-03-13 01:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY is Quiet at Top of Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change: “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: With a low in on the first day of March in a trending market, dip buyers are in control; looking to do just (buy dips) at 95.24/49 with a stop under the former range high of 94.45. WARNING: expecting a ‘grind higher’ in to end of March before a more important top. It’s possible that the top comes early of course hence the aggressive stop.

LEVELS: 93.07 94.45 95.27 97.00 97.78 99.66

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