News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY 99.55/66 is Potential Resistance

USD/JPY 99.55/66 is Potential Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 99.55/66 is Potential Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: 5 waves down and 3 waves up since the 4/22 high favor a near term bearish interpretation. Today’s high is just a few pips above the close of the 4/22 reversal day. In other words, the rally stopped at a level consistent with a larger topping process. Short is obviously against the grain here but evidence is sufficient to take a stand against the April high for at least sub 97.00. Exceeding the high would negate bearish implications and shift focus back on 101.26/67.

FOREXTrading Strategy: Flat…need to see price trade below 99.00 before thinking about shorts again.

LEVELS: 97.40 98.37 99.08 99.67 100.00 101.43

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

DISCLOSURES