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USD/JPY News Spike and Bearish Reversal is Possible

USD/JPY News Spike and Bearish Reversal is Possible

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY News Spike and Bearish Reversal is Possible

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDJPY rally from 90.84 is an ending diagonal (wedge). Such patterns are usually resolved violently and often fully retraced. An outside reversal week on a slightly less than record week of volume is consistent with an important top. Near term, a push above 102.58 could complete a flat correction from the 5/23 low. Given the volatile nature, I’d not be surprised to see a push above 103 on news tonight before a reversal. A new high opens up 104.08 and the diagonal resistance line near 104.80.

FOREXTrading Strategy: Shorting above 103 (103.10/15 is estimated resistance), stop 103.80, target open.

LEVELS: 99.94 100.40 101.26 102.58 103.15 103.73

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

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