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USD/JPY 61.8 Levels Ruling the Day Right Now

USD/JPY 61.8 Levels Ruling the Day Right Now

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 61.8 Levels Ruling the Day Right Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDJPY has been trading well in recent weeks on a short term basis. Since the 96.70 top, price broke lower from a head and shoulders pattern, made a Sunday gap low, retraced 61.8% of the decline, and then retraced 61.8% of the advance. Watch the resistance line and specifically 95.40 for the next setup. A daily close below 94.45 is needed to suggest something bearish is in the works.

FOREXTrading Strategy: Trading both sides intraday; too short term to offer anything here.

LEVELS: 93.07 94.07 94.70 96.08 97.78 99.66

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