USD/JPY Emotions Run High Before Bank of Japan
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: No change other than sharing several charts from earlier today. USDJPY diagonal with major levels. USDJPY and USDSGD have diverged but both working on different kinds of tops. “It’s looking more or and more like a diagonal is unfolding from 90.84 in USDJPY. The diagonal lines should help with entry in the coming week(s). The line crosses about 101.52 on Friday 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.
FOREXTrading Strategy: Focused on area about 200 pips higher as one that produces a top…sometime this week or next.
LEVELS: 97.20 98.10 95.52 99.95 101.07 101.43
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.