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USD/JPY Trading Between Fibonacci Level and Moving Average

USD/JPY Trading Between Fibonacci Level and Moving Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trading Between Fibonacci Level and Moving Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote Tuesday that “the late day low is in the vicinity of former range highs and the midpoint of the 20 day range, so this is a good place for a bounce. Expect resistance from 97.54 to 98.27. The next estimated support zone is 94.90-95.74.” With the hold, the trend must be considered higher still. A new high could also complete an ending diagonal from 90.84…then we would have a monster short opportunity.

FOREXTrading Strategy: Flat

LEVELS: 95.79 96.70 97.20 98.42 99.05 99.67

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

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