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USD/JPY Former Resistance Serves as Support

USD/JPY Former Resistance Serves as Support

2013-04-23 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Former Resistance Serves as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote last update that “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.” It’s looking more or and more like a diagonal is unfolding from 90.84. The diagonal lines should help with entry in the coming week(s). The line crosses about 101.23 on Wednesday and increases about 13 pips per day. Remember, sometimes the market will experience a ‘throwover’ in which price exceeds the upward sloping diagonal line before reversing. Diagonal support line is at 97.74 on Wednesday and increases 22 pips per day.

FOREXTrading Strategy: Will be shorting sometime in next few weeks but don’t know if the entry will be higher or lower…depends on resolution of the diagonal pattern.

LEVELS: 97.20 98.10 98.52 99.67/79 101.07 101.43

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