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USD/JPY is a Sell on Rally Trade

USD/JPY is a Sell on Rally Trade

2013-04-03 22:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY is a Sell on Rally Trade

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Price action since the March high raises the specter of a more important top. The 3/8 special report includes a wave count of the rally since August.” A downtrend has developed from the March high. Price spiked through the bottom of that channel Tuesday. Minor support comes in at 92.16 with the 2/25 close but the low at 91.81 and 90.84 are probably more important.

FOREXTrading Strategy: Not doing anything before BoJ tonight but with USDJPY at channel support would expect a bounce from near here. The decline may be a bit extended in terms of time at 16 days as well so a spike lower on news is probably a buy into 92.16 support (for the brave of course). However, I’m also expecting any rally to prove corrective within a larger decline for a larger sale (swing trade).

LEVELS: 90.24 90.84 92.16 93.68 94.90 95.63

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